In a major step toward overhauling Nigeria’s financial cleanup strategy, the Federal Government has inaugurated a new Board of Directors for the Asset Management Corporation of Nigeria (AMCON), with a clear directive to accelerate asset recovery and initiate a credible, time-bound wind-down of the agency.
The inauguration ceremony, held Tuesday in Abuja, was presided over by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, according to a statement released Thursday by Mohammed Manga, Director of Information and Public Relations at the Federal Ministry of Finance.
“AMCON must evolve from a stabiliser of last resort to a disciplined vehicle for value creation and responsible exit,” Edun stated. He emphasized that a strategic wind-down of AMCON would not only free up critical financial resources but also bolster the federal government’s efforts to build a transparent, investor-friendly financial system.
New Leadership, Renewed Mandate
The newly constituted board is chaired by Bala Bello. Other key appointees include:
- Gbenga Alade – Managing Director/CEO
- Adeshola Lamidi, Lucky Adaghe, and Aminu Mukthar Dan’Amu – Executive Directors
- Yusuf Tegina (North Central)
- Adeyemo Adeoye (South-West)
- Charles Odion Iyiore (South-South)
- Yahaya Ibrahim (North-West)
- Emily Chidinma Osuji (South-East) – Non-Executive Directors
Minister Edun underscored the importance of institutional accountability and efficient asset recovery, noting that AMCON’s revitalized leadership must align its operations with global best practices and actively support Nigeria’s broader macroeconomic reforms.
“We Are Here to Conclude, Not Continue Indefinitely”
In his remarks, the new Managing Director, Gbenga Alade, affirmed the board’s full commitment to AMCON’s original mission. He acknowledged that the Corporation, formed in 2010 in the wake of Nigeria’s post-2008 banking crisis, was never intended to be a permanent institution.
“We are here to conclude, not to continue indefinitely,” Alade said. “We will benchmark our exit strategy against international models and ensure that the process serves the national interest.”
Strategic Realignment
The government views the reconstitution of AMCON’s leadership as part of a larger effort to unlock balance sheet capacity for banks, catalyze private sector growth, and create a more robust financial ecosystem.
AMCON was originally established to absorb toxic assets from commercial banks and restore stability to Nigeria’s financial system. However, over the years, the Corporation has drawn criticism for a lack of transparency, inefficient asset recovery, and the absence of a clear exit strategy.
Now, with a renewed mandate and a team in place, the expectation is for AMCON to cleanly wrap up its operations, recover outstanding debts, and help reset Nigeria’s financial landscape for long-term growth and investment.
