The Federal Government of Nigeria has inaugurated a new board for the Asset Management Corporation of Nigeria (AMCON) to accelerate asset recovery and unlock value for non-performing assets.
Wale Edun, minister of Finance and coordinating minister of the Economy, described AMCON’s new direction as critical to restoring investor confidence, unlocking value and supporting macroeconomic reforms that encourage private sector growth.
Edun highlighted the need for AMCON to go beyond being just a stabiliser of last resort to becoming a vehicle for value creation. He said:
“AMCON’s current portfolio of unrecovered debts remains a matter of national concern. The board must work assiduously to strengthen the corporation’s asset recovery strategy, including through legal enforcement, restructuring, and sale of assets.”
The Minister emphasised the pivotal role of efficient asset recovery and accountability in ensuring Nigeria remains a competitive destination for international investment, especially in a financially constrained environment.
The newly inaugurated AMCON board brings together experienced professionals and is chaired by Dr. Bala Bello.
Other members include Adeyemo Adeoye, Charles Odion Iyiore, Yahaya Ibrahim, Emily Chidinma Osuji, Gbenga Alade, Adeshola Lamidi, Lucky Adaghe, and Aminu Mukhtar Dan’Amu.
In his remarks, Gbenga Alade, AMCON managing director/CEO, affirmed the board’s commitment to delivering results and appreciated the support of the Federal Government.
Edun reiterated that the board is expected to align its strategy with the current administration’s Renewed Hope Agenda, as the board plays a significant role in financial sector reform and enhancing private sector involvement in the country’s economic development.
