Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has called for a measured and strategic approach to the eventual winding down of the Asset Management Corporation of Nigeria (AMCON), while also tasking the newly inaugurated board with intensifying efforts on debt recovery.
Speaking during the formal inauguration of AMCON’s new board in Abuja on Wednesday, Edun highlighted the importance of aligning the corporation’s activities with Nigeria’s broader economic reform agenda. He emphasized that although AMCON was initially designed as a temporary financial stabilisation mechanism, its closure must be carefully planned to avoid systemic disruption.
Dr. Bala Mohammed Bello was appointed as Chairman of the new board, with other members including Yusuf Tegina, Adeyemo Adeoye, Charles Odion Iyiore, Yahaya Ibrahim, and Emily Chidinma Osuji.
“This is more than a formal event—it marks a renewed commitment to enhancing financial sector stability, restoring investor confidence, and ensuring Nigeria’s economic resilience,” Edun stated.
He added that the corporation must go beyond recovering troubled assets, urging it to act as a model for transparency and effective resolution of non-performing loans—many of which continue to strain the banking sector and public accounts.
While praising AMCON’s role so far, the minister acknowledged that evolving economic conditions call for adaptive strategies. He outlined key priorities for the new leadership, including a strengthened asset recovery framework, intensified legal enforcement, restructuring of troubled obligations, and the strategic sale of distressed assets.
He also underscored the need for effective collaboration with institutions such as the Central Bank of Nigeria (CBN), the Judiciary, and the National Assembly, to ensure AMCON’s mandate is fully supported and executed.
In response, AMCON’s Managing Director/CEO, Mr. Gbenga Alade, expressed appreciation to the minister and pledged the board’s commitment to revamping recovery efforts. He assured that the renewed leadership would focus on delivering measurable progress in line with national objectives.
