…FG tasks board on asset recovery, economic stability
By Dwelleth Morountodun
The Federal Government has inaugurated the new Board of Directors of the Asset Management Corporation of Nigeria (AMCON), marking a renewed phase in the Corporation’s mandate to stabilise the financial sector, enhance asset recovery, and prepare for an orderly institutional wind-down.
The newly appointed Board, Chaired by Dr. Bala Bello, brings together seasoned professionals with a clear charge to improve corporate governance, accelerate the recovery of distressed assets, and design a credible, time-bound exit strategy in line with global best practices.
Inaugurating the Board on Thursday, in his office in Abuja, the Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun described AMCON’s new direction as critical to restoring investor confidence, unlocking value from non-performing assets, and supporting macroeconomic reforms that 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.
A credible wind-down will not only free up resources but reinforce our broader goal of a transparent, investment-friendly financial system, the Minister, said.
HM Edun emphasised that in a fiscally constrained environment, efficient asset recovery and institutional accountability are key levers for ensuring Nigeria remains a competitive destination for capital and enterprise.
In his response, AMCON Managing Director/CEO Mr. Gbenga Alade, pledged the Board’s full commitment to delivering results and reaffirmed that the Corporation was never intended to be permanent.
*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 toward unlocking 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
Aminu Mukthar Dan’Amu – Executive Director, AMCON.
