FG Charges New AMCON Board to Accelerate Asset Recovery, Plan Exit Strategy
By Patience Ikpeme
The Federal Government has directed the Asset Management Corporation of Nigeria (AMCON) to expedite the recovery of distressed assets, enhance corporate governance, and develop a credible, time-bound exit strategy that aligns with international best practices.
This directive was issued by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during the inauguration of AMCON’s new Board of Directors on Wednesday in Abuja.
The inauguration signals a new phase in the Corporation’s mandate to stabilize the financial sector, improve asset recovery, and prepare for an orderly wind-down of the institution.
Inaugurating the Board, Minister Edun described AMCON’s new direction as crucial for restoring investor confidence, unlocking value from non-performing assets, and supporting macroeconomic reforms designed to encourage private sector growth.
“AMCON must evolve from a stabiliser of last resort to a disciplined vehicle for value creation and responsible exit,” the Minister stated.
He added that “A credible wind-down will not only free up resources but reinforce our broader goal of a transparent, investment-friendly financial system.”
Minister Edun conveyed that in a fiscally constrained environment, efficient asset recovery and institutional accountability are vital levers for ensuring Nigeria remains a competitive destination for capital and enterprise.
In response, AMCON Managing Director/CEO Mr. Gbenga Alade pledged the Board’s full commitment to delivering results and conveyed that the Corporation was never intended to be a permanent fixture.
“We are here to conclude, not to continue indefinitely,” he said. “We will benchmark our exit plan against global models and deliver a process that serves the national interest.”
The Federal Government views the reconstitution of AMCON’s Board as a strategic step towards freeing up balance sheet space for banks, supporting financial sector reform, and enabling stronger private sector participation in the economy.
Members of the newly inaugurated AMCON Board include: Dr. Bala Bello – Chairman; Yusuf Tegina – Non-Executive Director, North Central; Adeyemo Adeoye – Non-Executive Director, South West; Charles Odion Iyiore – Non-Executive Director, South South; Yahaya Ibrahim – Non-Executive Director, North West; Emily Chidinma Osuji – Non-Executive Director, South East; Gbenga Alade – Managing Director/CEO, AMCON; Adeshola Lamidi – Executive Director, AMCON; Lucky Adaghe – Executive Director, AMCON; and Aminu Mukthar Dan’Amu – Executive Director, AMCON.
