The Federal Government has reconstituted the Board of Directors of the Asset Management Corporation of Nigeria (AMCON) with a directive to intensify asset recovery efforts and implement a clear, time-bound exit plan.
The inauguration was presided over by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
The new board, chaired by Dr. Bala Bello, includes Mr. Gbenga Alade as Managing Director/Chief Executive Officer, alongside executive and non-executive members representing various geopolitical zones.
Edun explained the need to reposition AMCON as a value-driven institution that supports ongoing macroeconomic reforms.
He noted that the agency’s original stabilisation role must now transition into a disciplined, goal-oriented closure process.
“AMCON must transition from a crisis-era stabiliser to a responsible exit platform that aligns with current economic priorities,” Edun stated. “This reform will create space on bank balance sheets, improve investor confidence, and foster a more transparent financial ecosystem.”
Established in 2010 following the 2008 global financial crisis, AMCON was mandated to purchase toxic assets from distressed banks to prevent systemic collapse.
However, over a decade later, the Corporation remains in operation amid concerns about the pace of asset recovery and the absence of a defined wind-down strategy.
Gbenga Alade, the new CEO, assured stakeholders that the board is fully committed to executing AMCON’s revised mandate.
He reaffirmed that the Corporation was never intended to function indefinitely and pledged alignment with international benchmarks for resolution and liquidation.
“We are committed to delivering a credible, transparent exit strategy,” Alade said. “Our focus will be on recovering outstanding debts, unlocking trapped value, and ensuring that AMCON exits in a manner that benefits the broader economy.”
The Federal Government considers the board’s reconstitution a strategic intervention aimed at enhancing fiscal discipline, restoring confidence in the financial system, and accelerating private sector participation.
The administration also reiterated that AMCON’s exit must be executed with accountability and measurable outcomes.
Analysts note that an effective conclusion of AMCON’s mandate would improve financial sector efficiency and free resources currently tied up in long-term recoveries.
The new leadership is expected to drive this transformation in line with best practices in asset management and institutional governance.
