The Federal Government has officially directed the Asset Management Corporation of Nigeria (AMCON) to commence a credible and time-bound wind-down of its operations, marking a significant shift in Nigeria’s financial sector strategy.
The directive was issued during the inauguration of AMCON’s newly reconstituted Board of Directors on Tuesday in Abuja. The event was presided over by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who emphasized the importance of repositioning AMCON to align with global best practices and support the administration’s macroeconomic reforms.
“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 also reinforce our broader goal of a transparent, investment-friendly financial system.”
According to a statement released by the Director of Information and Public Relations at the Federal Ministry of Finance, Mr. Mohammed Manga, the government views this wind-down as a strategic move to unlock balance sheet space for banks, enhance financial sector reform, and boost private sector confidence.
The new AMCON board is chaired by Dr. Bala Bello, with Mr. Gbenga Alade appointed as Managing Director/Chief Executive Officer. Other executive directors include Mr. Adeshola Lamidi, Mr. Lucky Adaghe, and Mr. Aminu Mukthar Dan’Amu. The board also comprises regional non-executive directors: Mr. Yusuf Tegina (North Central), Mr. Adeyemo Adeoye (South-West), Mr. Charles Odion Iyiore (South-South), Mr. Yahaya Ibrahim (North-West), and Ms. Emily Chidinma Osuji (South-East).
In his remarks, AMCON’s new Managing Director, Mr. Gbenga Alade, expressed full commitment to executing the corporation’s exit mandate. “We are here to conclude, not to continue indefinitely,” Alade said. “We will benchmark our exit plan against global models and deliver a process that serves the national interest.”
Originally established in 2010 in the aftermath of the 2008 global financial crisis, AMCON’s mission was to buy non-performing loans from troubled banks and stabilise Nigeria’s banking sector. However, the corporation has faced criticism in recent years over a perceived lack of transparency and a failure to present a clear exit strategy.
The government’s latest move signals a shift towards a leaner, more accountable financial architecture, with a focus on restoring investor confidence and promoting long-term economic growth.
