Yemisi Izuora
Finance Minister and coordinating Minister of the Economy, Mr. Olawale Edun, has asked the New Board of Directors of the Asset Management Corporation of Nigeria (AMCON) to speed up debt recoveries. AMCON
The Minister gave the charge on Wednesday in Abuja during the Inauguration of the New Board of AMCON, chaired by Dr Bala Mohammed Bello.
The Non-Executive Directors are Yusuf Tegina, Adeyemo Adeoye, Charles Odion Iyiore, Yahaya Ibrahim, and Emily Chidinma Osuji.
According to him, “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 said Nigerians look to AMCON not just as a recovery agency, but as a vehicle for transparency, accountability, and the efficient resolution of non-performing loans that continue to weigh down our banking system and public finances.
“However, as we all know, the task of economic transformation is an ongoing journey. As our macroeconomic realities evolve, so too must the strategies we adopt to strengthen financial institutions, improve fiscal discipline, and unlock value from distressed assets. The role of AMCON is as critical today as it was at its inception—if not more so.”
He emphasized some of the key priority areas for the immediate attention of the new board to include enhanced Asset Recovery: 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 the sale of assets.
Governance and Accountability: It is imperative that this new Board upholds the principles of good corporate governance, transparency in operations, and strict adherence to the rule of law.
Collaboration with Stakeholders: The Board must ensure strategic collaboration with relevant MDAs, the Central Bank of Nigeria (CBN), the Judiciary, and the National Assembly. A unified approach is essential to ensure that AMCON’s recovery mandate is not undermined.
On Exit Strategy, Edun noted that, “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.”
He said the reform agenda of President Bola Ahmed Tinubu’s administration is cantered on economic stability, job creation, and private sector-led growth. AMCON’s effective performance under your stewardship will contribute significantly to the achievement of these objectives.
In his remarks, the Managing Director and Chief Executive of AMCON, Mr Gbenga Alade, thanked the Honourable Minister for supporting the operations of the Corporation. Alade assured that, with the inauguration of the new board the recovery process would be enhanced.