May 23, (THEWILL) – Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has inaugurated the new Board of Directors of the Asset Management Corporation of Nigeria (AMCON).
Chaired by Dr Bala Bello, the Minister charged the board with bolstering corporate governance, improving the recovery of distressed assets, and developing a clear and time-bound exit plan that meets international standards.
The nine-member board includes professionals with expertise in finance, law and institutional management, and is expected to drive the Corporation’s transition from a stabilising force to a value-driven institution with a defined conclusion.
A statement from the Ministry’s Director of Information and Public Relations, Mohammed Manga, explained that the reorganisation aims to rebuild investor confidence, extract value from non-performing assets, and back macroeconomic reforms designed to expand private sector activity.
At the inauguration ceremony in Abuja, Edun urged the new board to reposition AMCON, not as a permanent fixture in the financial system, but as a temporary intervention tool that must now deliver on its original mandate and bring closure to its operations.
“A credible and responsible wind-down will not only free up fiscal space but support our broader goal of building a transparent, investor-friendly financial system”, Edun said.
He pointed out that given Nigeria’s fiscal limitations, AMCON’s effectiveness in recovering assets and ensuring institutional accountability will be critical to maintaining the country’s appeal to international and domestic investors.
In response, AMCON Managing Director and Chief Executive Officer, Gbenga Alade, pledged that the Corporation would focus squarely on results, while aligning its wind-down process with established global frameworks.
“We are not here to operate indefinitely. We are here to deliver outcomes and conclude this intervention in a way that serves the national interest”, Alade said.
The Federal Government considers the reconstitution of AMCON’s leadership to be a key step towards relieving banks of legacy burdens, promoting financial sector reforms, and expanding space for private capital participation in the economy.
The new AMCON Board Members 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; Adeshola Lamidi – Executive Director; Lucky Adaghe – Executive Director, and Aminu Mukthar Dan’Amu – Executive Director.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
