Edun inaugurates AMCON Board, urges swift wind-down, stronger asset recovery
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has inaugurated the new Board of Directors of the Asset Management Corporation of Nigeria (AMCON), marking what he described as a new chapter in the agency’s role within the country’s financial landscape.
The newly constituted board, chaired by Dr Bala Bello, has been charged with bolstering corporate governance, improving the recovery of distressed assets, and developing a clear and time-bound exit plan that meets international standards. The nine-member board includes professionals with expertise in finance, law and institutional management, and is expected to drive the Corporation’s transition from a stabilising force to a value-driven institution with a defined conclusion.
A statement from the Ministry’s Director of Information and Public Relations, Mohammed Manga, issued on Thursday, explained that the reorganisation aims to rebuild investor confidence, extract value from non-performing assets, and back macroeconomic reforms designed to expand private sector activity.
At the inauguration ceremony in Abuja, Edun urged the new board to reposition AMCON not as a permanent fixture in the financial system, but as a temporary intervention tool that must now deliver on its original mandate and bring closure to its operations.
“A credible and responsible wind-down will not only free up fiscal space but support our broader goal of building a transparent, investor-friendly financial system,” Edun said.
He pointed out that, given Nigeria’s fiscal limitations, AMCON’s effectiveness in recovering assets and ensuring institutional accountability will be critical to maintaining the country’s appeal to international and domestic investors.
In response, AMCON Managing Director and Chief Executive Officer, Gbenga Alade, pledged that the Corporation would focus squarely on results, while aligning its wind-down process with established global frameworks.
“We are not here to operate indefinitely. We are here to deliver outcomes and conclude this intervention in a way that serves the national interest,” Alade said.
The Federal Government considers the reconstitution of AMCON’s leadership to be a key step towards relieving banks of legacy burdens, promoting financial sector reforms, and expanding space for private capital participation in the economy.
Meet the New AMCON Board Members
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
In March, the Senate confirmed Dr Bala Bello’s nomination as part-time Chairman of AMCON, as part of a renewed drive to recover debts exceeding N4 trillion. His appointment, along with those of five other non-executive directors, followed the presentation and adoption of a report by the Senate Committee on Banking, Insurance and Other Financial Institutions.
As part of its intensified recovery campaign, AMCON has also appealed to the media to support efforts to hold chronic debtors accountable.
With expectations high, stakeholders are now watching closely to see how the restructured board will tackle the challenges ahead, particularly in delivering effective asset recovery, enhancing governance standards, and crafting a sustainable exit plan that strengthens Nigeria’s financial sector and supports long-term economic stability.
