The Nigerian Senate has confirmed the nomination of Dr. Bala Bello as the part-time Chairman of the Asset Management Corporation of Nigeria (AMCON), amid push to recover N4 trillion in debt.
Alongside Dr. Bello, who is representing the North-East, five other nominees were approved for appointment as Non-Executive Directors of AMCON during Wednesday’s plenary session.
The confirmation followed the presentation and adoption of the report by the Senate Committee on Banking, Insurance, and Other Financial Institutions.
The confirmed Non-Executive Directors include Yusuf Sule (North-Central), Adeyemo Stephen (South-West), Yahaya Ibrahim (North-West), Odion Iyare (South-South), and Emily Osuji (South-East).
Robust qualification
Presenting the committee’s report, Senator Osita Izunaso (APC-Imo) recommended the nominees for confirmation, citing their robust qualifications, professional experience, and clean records.
“There was no petition against the nominees, and they were cleared by security agencies, including the Police and the Department of State Services (DSS),” Izunaso stated.
Senate President Godswill Akpabio commended the committee for its thorough screening process and expressed optimism about the new leadership. “We hope the new managers of AMCON will bring renewed vigor to the discharge of their duties,” Akpabio remarked.
AMCON’s debt recovery challenges
Earlier in March, Jude Nwauzor, AMCON’s Head of Corporate Communications, highlighted the institution’s ongoing struggle to recover over N4 trillion in outstanding debts. He called on the media to play a more active role in holding debtors accountable, describing the press as the mirror of society.
- Nwauzor emphasized that media scrutiny could expose high-profile debtors who continue to lead extravagant lifestyles despite owing billions to AMCON.
“Many of these debtors own private jets and high-end properties, yet they evade their financial responsibilities. Media engagement can deter such behavior and compel them to meet their obligations,” he explained.
“If at sunset AMCON is unable to recover the huge debt of over N4 trillion, it becomes the debt of the Federal Government of Nigeria for which taxpayers’ money will be used to settle.”
What you should know
He also noted that some debtors misused borrowed funds, complicating the recovery process. Despite facing resistance from certain obligors, AMCON remains committed to pursuing repayments and addressing these challenges.
- According to him, the leadership of AMCON knows that there is no nice way of recovering debt, as obligors could go to any length to assassinate the characters of AMCON staff members and its management.
- With the confirmation of Dr. Bello and the new Non-Executive Directors, AMCON is expected to intensify its efforts in debt recovery and financial management.
The leadership team’s expertise and renewed focus aim to strengthen the institution’s role in stabilizing Nigeria’s financial sector.
