FG inaugurates AMCON Board to Strengthen Asset Recovery, Economic Stability

FG inaugurates AMCON Board to Strengthen Asset Recovery, Economic Stability

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.

In a statement issued by the Ministry’s Director of Press and Public Relations, Mr Mohammed Manga, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, while inaugurating the Board in his office in Abuja, 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.”

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 response, AMCON’s Managing Director and CEO, Mr. Gbenga Alade, pledged the Board’s full commitment to delivering results, reaffirming 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