Finance Minister Charges New AMCON Board on Improved Debt Recoveries

Key Priorities for AMCON’s New Leadership

The Finance Minister and Coordinating Minister of the Economy, Mr. Olawale Edun, has directed the newly inaugurated Board of Directors of the Asset Management Corporation of Nigeria (AMCON) to accelerate debt recovery efforts. This charge was given during the board’s inauguration ceremony in Abuja on Wednesday.

New AMCON Board Composition

The newly constituted board is chaired by Dr. Bala Mohammed Bello, with Non-Executive Directors including Yusuf Tegina, Adeyemo Adeoye, Charles Odion Iyiore, Yahaya Ibrahim, and Emily Chidinma Osuji.

Strategic Importance of AMCON

Minister Edun emphasized that AMCON plays a critical role in Nigeria’s financial stability, stating: “This administration looks to AMCON not just as a recovery agency, but as a vehicle for transparency, accountability, and efficient resolution of non-performing loans that burden our banking system.”

Four Key Focus Areas

The Minister outlined priority areas for the new board:

1. Enhanced Asset Recovery

The board must strengthen recovery strategies through legal enforcement, restructuring, and asset sales to address the corporation’s portfolio of unrecovered debts.

2. Governance and Accountability

Strict adherence to corporate governance principles and operational transparency were highlighted as essential requirements.

3. Stakeholder Collaboration

The board is expected to foster strategic partnerships with key institutions including the CBN, Judiciary, and National Assembly.

4. Exit Strategy Development

While AMCON was established as a temporary intervention, the board must begin developing a credible exit framework aligned with the government’s economic reform agenda.

Alignment with Tinubu’s Economic Agenda

The Minister noted that AMCON’s performance directly supports President Bola Tinubu’s focus on economic stability, job creation, and private sector-led growth.

AMCON MD’s Commitment

Managing Director Gbenga Alade thanked the Minister for his support and assured that the new board would enhance recovery processes to meet national expectations.

Read more about AMCON leadership appointments: Tinubu appoints Gbenga Alade as MD of AMCON

Credit: Neptune Prime