By OBSERVERS TIMES
The Federal Government of Nigeria has officially inaugurated a new Board of Directors for the Asset Management Corporation of Nigeria (AMCON), with Dr. Bala Bello assuming the role of Chairman. This significant reconstitution signals a renewed federal commitment to accelerating the recovery of non-performing loans (NPLs) and bolstering confidence within the nation’s financial sector.
The inauguration, announced by Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance, took place on Wednesday. Speaking at the event, Wale Edun, Minister of Finance and Coordinating Minister of the Economy, emphasized the critical importance of AMCON’s revitalized leadership.
“The reconstitution of AMCON’s board is critical to restoring investor confidence, unlocking value from non-performing assets, and supporting macroeconomic reforms that encourage private sector growth,” Minister Edun stated. He further articulated a clear vision for AMCON’s evolution: “AMCON must evolve from a stabilizer of last resort to a disciplined vehicle for value creation and responsible exit. A credible wind-down will not only free up resources but reinforce our broader goal of a transparent, investment-friendly financial system.”
The Minister highlighted that robust asset recovery and institutional accountability are paramount to unlocking capital, restoring investor confidence, and enhancing Nigeria’s competitiveness as an investment destination, particularly in the current environment of fiscal constraint.
Dr. Bala Bello, whose nomination was confirmed by the Senate in March, now leads a diverse board comprising six non-executive and four executive directors. Notable members include Gbenga Alade, who serves as AMCON’s Managing Director and Chief Executive Officer (CEO). The newly inaugurated non-executive directors are Yusuf Tegina (North Central), Adeyemo Adeoye (South-West), Charles Iyiore (South-South), Yahaya Ibrahim (North-West), and Emily Osuji (South-East). Executive directors include Adeshola Lamidi, Lucky Adaghe, and Aminu Dan’Amu.
In his remarks, Mr. Alade pledged the board’s unwavering commitment to achieving measurable outcomes within a defined timeframe. “We are here to conclude, not to continue indefinitely,” he affirmed. “We will benchmark our exit plan against global models and deliver a process that serves the national interest.”
The federal government underscored that the new board is expected to prioritize robust governance, expedite the recovery of the substantial portfolio of non-performing loans, and ensure that AMCON’s eventual wind-down aligns with international best practices. This strategic move aims to clean up the financial system, freeing up capital for productive economic activities and fostering a more stable and attractive investment climate in Nigeria.
