Nigeria Moves to Shut Down AMCON, Launches Reform-Focused Leadership
The Federal Government has inaugurated a newly constituted Board of Directors for the Asset Management Corporation of Nigeria (AMCON), with clear instructions to enhance asset recovery efforts and initiate a structured and time-bound process for the corporation’s eventual closure.
This directive was disclosed in a statement released on Thursday by Mr. Mohammed Manga, Director of Information and Public Relations at the Federal Ministry of Finance. The inauguration ceremony took place on Tuesday in Abuja and was presided over by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
In his address, Edun emphasized that AMCON must shift from serving as a financial stabilizer to becoming a strategic vehicle for asset resolution and exit. He noted that a well-executed wind-down would not only optimize resource allocation but also contribute to the government’s broader goal of fostering transparency and enhancing investor confidence in Nigeria’s financial sector.
“AMCON’s transition must be in line with international standards and support our ongoing macroeconomic reforms,” Edun said. He also highlighted the need for effective asset recovery and robust institutional accountability in light of Nigeria’s tight fiscal landscape.
The newly appointed board will be led by Dr. Bala Bello as Chairman. Other members include Mr. Gbenga Alade as Managing Director/CEO, alongside Mr. Adeshola Lamidi, Mr. Lucky Adaghe, and Mr. Aminu Mukthar Dan’Amu as Executive Directors. Non-Executive Directors appointed include 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).
In his remarks, Mr. Alade pledged the board’s full alignment with the federal government’s objectives, reiterating that AMCON was not designed to operate indefinitely. “Our mission is to conclude the mandate, not to prolong it,” he said, assuring that their exit strategy would follow global benchmarks and prioritize the national interest.
The Federal Government views this board reconstitution as a strategic measure to relieve pressure on bank balance sheets, bolster ongoing financial reforms, and enhance private sector engagement in economic development.
Established in 2010 in response to the aftermath of the 2008 global financial crisis, AMCON was created to absorb non-performing loans from distressed banks and restore stability to Nigeria’s financial system. Over the years, however, the corporation has faced scrutiny over its lack of transparency and the absence of a definitive exit strategy.
