The newly inaugurated Board of Directors of the Asset Management Corporation of Nigeria (AMCON) has been charged with the urgent task of strengthening debt recovery efforts, in line with the Federal Government’s broader economic reform agenda.
Speaking at the inauguration ceremony held in Abuja on Wednesday, the Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, described the event as a pivotal moment in Nigeria’s journey towards financial stability and institutional reform.
“This ceremony is not merely procedural; it marks a renewed commitment to reposition Nigeria’s financial system for long-term growth, transparency, and investor confidence,” Edun stated.
The new AMCON Board is chaired by Dr. Bala Mohammed Bello. Other members include Non-Executive Directors Yusuf Tegina, Adeyemo Adeoye, Charles Odion Iyiore, Yahaya Ibrahim, and Emily Chidinma Osuji.
The minister outlined key priority areas for the board, including enhanced asset recovery strategies, strong corporate governance, and strategic collaboration with key stakeholders such as the Central Bank of Nigeria (CBN), the Judiciary, and the National Assembly.
“AMCON’s current portfolio of unrecovered debts is a matter of national concern. The Board must intensify legal enforcement, asset restructuring, and sales to recover value and support the financial system,” he emphasized.
Edun also called for the development of a sustainable exit strategy for AMCON, noting that although it was established as a temporary intervention, its winding down must align with the government’s long-term economic goals.
“The role of AMCON is as critical today as at its inception—if not more so. A credible, well-structured exit framework must now be articulated,” he said.
He reaffirmed President Bola Ahmed Tinubu’s economic agenda centered on macroeconomic stability, private sector growth, and job creation, urging the new board to align its performance with these national priorities.
In his remarks, Mr. Gbenga Alade, Managing Director/Chief Executive Officer of AMCON, expressed gratitude to the Minister for his continued support, assuring that the inauguration of the board would boost the Corporation’s recovery operations.
“With this new leadership in place, we are confident that our recovery processes will be significantly strengthened,” Alade said.
