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FG DIRECTS AMCON TO BEGIN SHUTDOWN PROCESS
The Federal Government has inaugurated a new Board of Directors for the Asset Management Corporation of Nigeria, with a directive to strengthen asset recovery and commence a credible, time-bound wind-down of the Corporation.
According to a statement by the Director of Information and Public Relations at the Federal Ministry of Finance, Mr Mohammed Manga, on Thursday, the inauguration, which took place on Tuesday in Abuja, was conducted by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who stated that the new leadership of AMCON must reposition the institution in line with global best practices and support ongoing macroeconomic reforms.
“AMCON must evolve from a stabiliser of last resort to a disciplined vehicle for value creation and responsible exit,” the minister said. “A credible wind-down will not only free up resources but also reinforce our broader goal of a transparent, investment-friendly financial system.”
Edun also stressed the importance of efficient asset recovery and institutional accountability in a fiscally constrained environment, noting that these are essential for Nigeria to remain a competitive destination for investment and enterprise.
The newly appointed board is chaired by Dr Bala Bello. Other members include Mr Gbenga Alade as Managing Director/Chief Executive Officer; Mr Adeshola Lamidi, Mr Lucky Adaghe and Mr Aminu Mukthar Dan’Amu as Executive Directors; and Mr Yusuf Tegina (North Central), Mr Adeyemo Adeoye (South-West), Mr Charles Odion Iyiore (South-South), Mr Yahaya Ibrahim (North-West) and Ms Emily Chidinma Osuji (South-East) as Non-Executive Directors.
In his remarks, the AMCON Managing Director, Mr Gbenga Alade, assured the government of the board’s full commitment to the Corporation’s mandate, stating that AMCON was never intended to exist indefinitely.
“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 described the reconstitution of the AMCON board as a strategic move to unlock balance sheet space for banks, support financial sector reform, and strengthen private sector participation in the economy.
AMCON was set up in 2010 to help fix the banking crisis caused by the 2008 global financial meltdown.
Its job was to buy bad loans from troubled banks and stabilise the financial system.
However, AMCON has been criticised for lagging in transparency and lacking a clear plan to shut down, among other issues.
