Photo caption: AMCON building
The Federal Government has inaugurated a new board for the Asset Management Corporation of Nigeria, charging its members to adopt a firmer approach to the recovery of non-performing loans.
Speaking during the inauguration ceremony held on Wednesday in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, called on the new board to intensify efforts towards asset recovery and financial accountability.
The newly constituted board is chaired by Bala Bello. Other members include Yusuf Tegina, Adeyemo Adeoye, Charles Odion Iyiore, Yahaya Ibrahim, and Emily Chidinma Osuji as non-executive directors.
Describing the inauguration as a significant step in the administration’s financial reform efforts, Edun said, “This ceremony is not merely a procedural event; it is a defining moment in the continued effort of this administration to promote financial stability, enhance investor confidence, and reposition Nigeria’s financial institutions for long-term growth and sustainability.”
He stressed that AMCON is not just a recovery agency but also a key vehicle for transparency, accountability and the resolution of toxic assets within the banking system.
“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,” Edun said.
The minister also outlined other priority areas for the board, including governance and accountability, collaboration with key institutions such as the Central Bank of Nigeria, the judiciary and the National Assembly, and the need to begin articulating a clear exit strategy for AMCON.
He stated, “While AMCON was created as a temporary intervention, its winding down must be approached with caution and strategy. The new board is expected to begin articulating a credible and sustainable exit framework, in alignment with the government’s broader economic reform agenda.”
Edun reaffirmed that President Bola Tinubu’s economic agenda focuses on stability, job creation and private sector-led growth, noting that AMCON’s performance would play a crucial role in achieving these goals.
In his remarks, the Managing Director and Chief Executive Officer of AMCON, Gbenga Alade, appreciated the support of the Federal Government and pledged the board’s commitment to delivering on its mandate.
“With the inauguration of this new board, we are confident that our recovery efforts will be further strengthened,” Alade said.
The PUNCH reported that the Asset Management Corporation of Nigeria has unveiled a renewed strategy to intensify efforts towards recovering more than N4tn in outstanding debts owed by obligors across the country.
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