Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has officially inaugurated the new Board of Directors of the Asset Management Corporation of Nigeria (AMCON), signaling a renewed phase in the Corporation’s mission to stabilize the financial sector, enhance asset recovery, and facilitate an orderly institutional wind-down.
The newly appointed board, chaired by Dr. Bala Bello, consists of seasoned professionals tasked with improving corporate governance, accelerating the recovery of distressed assets, and designing a clear, time-bound exit strategy that aligns with global best practices.
In a statement issued by the Ministry’s Director of Information and Public Relations, Mohammed Manga, on Thursday, the restructuring is aimed at reinforcing investor confidence, unlocking value from non-performing assets, and supporting macroeconomic reforms that stimulate private sector growth.
Finance Minister Edun’s Call for Institutional Discipline
During the inauguration ceremony in Abuja, Edun emphasized that AMCON must transition from a stabilizer of last resort to a disciplined vehicle for value creation and responsible exit.
“A credible wind-down will not only free up resources but reinforce our broader goal of a transparent, investment-friendly financial system,” the Minister stated.
Given Nigeria’s fiscal constraints, Edun stressed the importance of efficient asset recovery and institutional accountability in ensuring that the country remains an attractive destination for capital and enterprise.
AMCON’s Commitment to a Defined Exit Strategy
Responding to the Minister’s remarks, AMCON Managing Director/CEO, Gbenga Alade, reaffirmed the Corporation’s commitment to delivering results while transitioning toward an eventual wind-down.
“We are here to conclude, not to continue indefinitely. We will benchmark our exit plan against global models and deliver a process that serves the national interest,” Alade stated.
The Federal Government views the reconstitution of AMCON’s Board as a strategic move to unlock balance sheet space for banks, support financial sector reform, and enhance private sector participation in the economy.
Meet the Newly Appointed AMCON Board Members
The newly inaugurated Board comprises key financial and governance experts:
- 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
- Aminu Mukthar Dan’Amu – Executive Director, AMCON
What you should know
In March, the Nigerian Senate 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.
AMCON is grappling with the recovery of over N4 trillion in outstanding debts and has called on the media to help hold debtors accountable.
As AMCON enters this critical phase, expectations are high for its new leadership team to drive effective asset recovery, improve corporate governance, and chart a sustainable exit strategy that benefits Nigeria’s financial ecosystem.
With a renewed focus on institutional efficiency and transparency, stakeholders are optimistic that AMCON’s restructuring will contribute to long-term economic stability and strengthen investor confidence in Nigeria’s financial sector.
