FG inaugurates new AMCON board, focuses on asset recovery, wind-down strategy

The Federal Government has inaugurated a new Board of Directors for the Asset Management Corporation of Nigeria (AMCON), signaling a renewed phase in its mandate to stabilise the financial sector, improve asset recovery, and chart a clear path toward an institutional wind-down.

The newly appointed Board, chaired by Dr. Bala Bello, comprises seasoned professionals tasked with enhancing corporate governance, fast-tracking the recovery of distressed assets, and developing a credible, time-bound exit plan in line with international best practices.

Speaking during the inauguration ceremony in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, described the new direction for AMCON as critical to restoring investor confidence and unlocking value from non-performing assets. He added that the reforms will support broader macroeconomic objectives, including private sector-led growth.

“AMCON must evolve from a stabiliser of last resort to a disciplined vehicle for value creation and responsible exit,” Edun said. “A credible wind-down will not only free up resources but also reinforce our goal of building a transparent, investment-friendly financial system.”

The Minister emphasised that efficient asset recovery and institutional accountability are essential in a fiscally constrained environment, adding that Nigeria must remain an attractive destination for capital and enterprise.

In his remarks, AMCON Managing Director/CEO Mr. Gbenga Alade reaffirmed the Corporation’s commitment to fulfilling its temporary mandate. “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 reconstitution of AMCON’s Board is seen as a strategic move to support financial sector reform, free up bank balance sheets, and encourage increased private sector participation in the Nigerian economy.

Members of the newly inaugurated 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