Begin Shutdown Process, FG Tells AMCON

THE Board of Directors for the Asset Management Corporation of Nigeria (AMCON) have been directed by the Federal Government to strengthen asset recovery and commence a credible, time-bound wind-down of the Corporation.
According to a statement on Thursday, May 22, by the Director of Information and Public Relations, Federal Ministry of Finance, Mr. Mohammed Manga, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, while inaugurating the new leadership of AMCON, on Tuesday, May 20, in Abuja, said the corporation must reposition the institution in line with global best practices and support ongoing macroeconomic reforms.
The minster stated: “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.”
He stressed the importance of efficient asset recovery and institutional accountability in a fiscally constrained environment, saying these are essential for Nigeria to remain a competitive destination for investment and enterprise.
The minister described the reconstitution of the Board as a strategic move to unlock balance sheet space for banks, support financial sector reform and strengthen private sector participation in the economy.
The Board, chaired by Bala Bello, has Gbenga Alade as Managing Director/Chief Executive Officer; Adeshola Lamidi; Lucky Adaghe and Aminu Mukthar Dan’Amu as Executive Directors, as well as Yusuf Tegina (North Central), Adeyemo Adeoye (Southwest); Charles Odion Iyiore (South-South); Yahaya Ibrahim (Northwest) and Emily Chidinma Osuji (Southeast) as Non-Executive Directors.
In his remarks, Alade assured government of the Board’s full commitment to the AMCON’s mandate, even as he stated that AMCON was never intended to exist indefinitely.
He added: “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.”
AMCON was set up in 2010 to fix the banking crisis caused by the 2008 global financial meltdown, with its job mainly to buy bad loans from troubled banks and stabilise the financial system.
It has, however, been criticised for lacking transparency and clear shutdown plan.