Finance Minister Wale Edun inaugurates new AMCON Board to drive financial sector reform 

The newly appointed board, chaired by Dr. Bala Bello, consists of seasoned professionals tasked with improving corporate governance, accelerating the recovery of distressed assets, and designing a clear, time-bound exit strategy that aligns with global best practices.

In a statement issued by the Ministry’s Director of Information and Public Relations, Mohammed Manga, on Thursday, the restructuring is aimed at reinforcing investor confidence, unlocking value from non-performing assets, and supporting macroeconomic reforms that stimulate private sector growth.

During the inauguration ceremony in Abuja, Edun emphasized that AMCON must transition 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 stated.

Given Nigeria’s fiscal constraints, Edun stressed the importance of efficient asset recovery and institutional accountability in ensuring that the country remains an attractive destination for capital and enterprise.

Responding to the Minister’s remarks, AMCON Managing Director/CEO, Gbenga Alade, reaffirmed the Corporation’s commitment to delivering results while transitioning toward an eventual wind-down.

“We are here to conclude, not to continue indefinitely. We will benchmark our exit plan against global models and deliver a process that serves the national interest,” Alade stated.

The Federal Government views the reconstitution of AMCON’s Board as a strategic move to unlock balance sheet space for banks, support financial sector reform, and enhance private sector participation in the economy.

The newly inaugurated Board comprises key financial and governance experts:

In March, the Nigerian Senate confirmed the nomination of Dr. Bala Bello as the part-time Chairman of the Asset Management Corporation of Nigeria (AMCON), amid push to recover N4 trillion in debt.

AMCON is grappling with the recovery of over N4 trillion in outstanding debts and has called on the media to help hold debtors accountable.

As AMCON enters this critical phase, expectations are high for its new leadership team to drive effective asset recovery, improve corporate governance, and chart a sustainable exit strategy that benefits Nigeria’s financial ecosystem.

With a renewed focus on institutional efficiency and transparency, stakeholders are optimistic that AMCON’s restructuring will contribute to long-term economic stability and strengthen investor confidence in Nigeria’s financial sector.