New AMCON Board Of Directors Will Work Towards Strengthening Asset Recovery – FG

The Federal Government has inaugurated a new Board of Directors for the Asset Management Corporation of Nigeria (AMCON).

FG recently directed the new leadership to work towards strengthening asset recovery and kick-start a credible and time-bound wind-down of the Corporation.

The newly appointed board is chaired by Dr Bala Bello, and other members include Mr Gbenga Alade as Managing Director/Chief Executive Officer; Mr Adeshola Lamidi, Mr Lucky Adaghe and Mr Aminu Mukthar Dan’Amu as Executive Directors; and Mr Yusuf Tegina (North Central), Mr Adeyemo Adeoye (South-West), Mr Charles Odion Iyiore (South-South), Mr Yahaya Ibrahim (North-West) and Ms Emily Chidinma Osuji (South-East) as Non-Executive Directors.

Speaking via a press statement, the Director of Information and Public Relations at the Federal Ministry of Finance, Mr Mohammed Manga, announced that the inauguration was conducted by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun.

Manga revealed that the new Board of Directors have been tasked with repositioning the institution in line with global best practices, while supporting current macroeconomic reforms.

“AMCON must evolve from a stabiliser of last resort to a disciplined vehicle for value creation and responsible exit. A credible wind-down will not only free up resources but also reinforce our broader goal of a transparent, investment-friendly financial system,” it read.

Wale Edun emphasised how vital asset recovery and institutional accountability are in the world of today, noting that they play a major role to in ensuring the country remains a competitive destination for investment and enterprise.

Also speaking, the new AMCON Managing Director, Mr Gbenga Alade, said that the government can be sure of the board’s total commitment to its mandate, adding that AMCON existing indefinitely was never the plan.

“We are here to conclude, not to continue indefinitely. We will benchmark our exit plan against global models and deliver a process that serves the national interest,” Gbenga said.

According to the Federal Government, the refresh of the AMCON board is a strategic decision that is meant to aid financial sector reform and strengthen private sector participation in the economy.

AMCON was set up 15 years ago to help rectify the banking crisis caused by the 2008 global financial meltdown, and its main job was to purchase bad loans from deteriorating banks and stabilise the country’s financial system.