Wale Edun, finance minister and coordinating minister of the economy, is seeking a major reset of the Asset Management Corporation of Nigeria (AMCON), as he inuagurated a new board tasked with improving governance, accelerating asset recovery, and preparing the institution for a structured wind-down after more than a decade of stabilising the country’s financial system.
The new board, chaired by Bala Bello, was inaugurated Wednesday in Abuja and includes representatives from all six geopolitical zones, as well as new executive leadership from within AMCON. The move, according to Edun, marks a critical phase in AMCON’s transition from an emergency financial sector stabiliser to a disciplined vehicle for asset resolution and eventual closure.
“AMCON must evolve from a stabiliser of last resort to a disciplined vehicle for value creation and responsible exit,” Edun said. “A credible wind-down will not only free up resources but reinforce our broader goal of a transparent, investment-friendly financial system.”
Created in 2010 in response to the banking crisis, AMCON was originally conceived as a temporary institution to absorb non-performing loans and recapitalise distressed lenders.
Over time, its role expanded, but calls for its eventual sunset have grown louder as Nigeria’s fiscal space tightens and policymakers focus on enhancing private sector participation in the economy.
“In a fiscally constrained environment, efficient asset recovery and institutional accountability are key levers for ensuring Nigeria remains a competitive destination for capital and enterprise,” Edun added, underscoring the importance of ensuring public institutions align with the government’s broader economic reform agenda.
The federal government sees the board’s reconstitution as a strategic tool to restore investor confidence, unlock value from non-performing assets, and support macroeconomic reforms that encourage private sector growth.
By stepping up recovery of distressed assets and tightening governance controls, the administration hopes AMCON can not only reduce its liabilities but also serve as a model for institutional efficiency.
In his response, Gbenga Alade, AMCON’s managing director/CEO, affirmed the board’s commitment to the government’s objectives and emphasized that the corporation was never intended to be permanent.
“We are here to conclude, not to continue indefinitely,” he said. “We will benchmark our exit plan against global models and deliver a process that serves the national interest.”
Alade’s remarks reflect a growing consensus within the government that institutions like AMCON must operate within clearly defined timelines and exit strategies, particularly as Nigeria seeks to stabilise its fiscal outlook and attract more foreign direct investment.
The new board members include: Yusuf Tegina (North Central), Adeyemo Adeoye (South West), Charles Odion Iyiore (South South), Yahaya Ibrahim (North West), Emily Chidinma Osuji (South East), alongside AMCON Executive Directors Adeshola Lamidi, Lucky Adaghe, and Aminu Mukthar Dan’Amu.
While the government has not set a definitive timeline for AMCON’s exit – eventhough 2026 had been proposed- the focus on benchmarking the process against international standards suggests an intention to move swiftly but carefully.
