The federal government has inaugurated a new board of directors for the Asset Management Corporation of Nigeria (AMCON).
Mohammed Manga, director of information and public relations at the ministry of finance, announced the move in a statement on Wednesday.
Speaking at the inauguration, Wale Edun, minister of finance and coordinating minister of the economy, said the reconstitution of AMCON’s board is 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,” Edun said.
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“A credible wind-down will not only free up resources but reinforce our broader goal of a transparent, investment-friendly financial system.”
The minister added that asset recovery and institutional accountability would be crucial in unlocking capital, restoring investor confidence, and enhancing Nigeria’s competitiveness as an investment destination in an environment of fiscal constraint.
Bala Bello was appointed chairman of the new board, which included six non-executive and four executive directors, including Gbenga Alade, AMCON’s managing director and chief executive officer (CEO).
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The newly inaugurated AMCON board members include Yusuf Tegina (non-executive director, north central), Adeyemo Adeoye (non-executive director, south-west), and Charles Iyiore (non-executive director, south-south).
Others are Yahaya Ibrahim (non-executive director, north west); Emily Osuji (non-executive director, south east), Adeshola Lamidi (executive director), Lucky Adaghe (executive director), and Aminu Dan’Amu (executive director).
In his remarks, Alade pledged the board’s commitment to delivering measurable outcomes within a clear timeline.
“We are here to conclude, not to continue indefinitely,” he said.
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“We will benchmark our exit plan against global models and deliver a process that serves the national interest.”
According to Manga, the federal government emphasised that the new board is expected to prioritise governance, accelerate recovery of non-performing loans, and ensure that AMCON’s eventual wind-down aligns with global best practices.
March 20, President Bola Tinubu asked the senate to confirm Bello as chairman of AMCON and the nomination of other AMCON board members.
Six days later, the senate confirmed Bello as AMCON chairman and approved the nomination of the five non-executive directors.
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