Finance Minister Charges New AMCON Board on Improved Debt Recoveries
Key Priorities for Nigeria’s Debt Recovery Agency
Finance Minister and Coordinating Minister of the Economy, Mr. Olawale Edun, has charged the newly inaugurated Board of Directors of the Asset Management Corporation of Nigeria (AMCON) to accelerate debt recoveries as part of Nigeria’s economic reform agenda.
The minister delivered this charge during Wednesday’s inauguration ceremony in Abuja, where Dr. Bala Mohammed Bello was sworn in as Chairman of the AMCON Board. Other board members include Yusuf Tegina, Adeyemo Adeoye, Charles Odion Iyiore, Yahaya Ibrahim, and Emily Chidinma Osuji as Non-Executive Directors.
Strategic Importance of AMCON’s Mandate
Edun emphasized that the board inauguration represents more than just a procedural event, stating: “This is a defining moment in the continued effort of this administration to promote financial stability, enhance investor confidence, and reposition Nigeria’s financial institutions for long-term growth and sustainability.”
The minister noted that Nigerians view AMCON not just as a recovery agency, but as a vehicle for transparency, accountability, and efficient resolution of non-performing loans that burden Nigeria’s banking system and public finances.
Four Key Focus Areas for New Board
Minister Edun outlined four critical priorities for the new AMCON leadership:
- Enhanced Asset Recovery: Addressing the current portfolio of unrecovered debts through legal enforcement, restructuring, and asset sales.
- Governance and Accountability: Upholding principles of good corporate governance and operational transparency.
- Stakeholder Collaboration: Working closely with MDAs, CBN, Judiciary, and National Assembly.
- Exit Strategy Development: Creating a credible framework for AMCON’s eventual wind-down.
The minister stressed that AMCON’s performance would significantly contribute to President Bola Ahmed Tinubu’s economic reform agenda focused on stability, job creation, and private sector-led growth.
AMCON Leadership Commitment
AMCON’s Managing Director and Chief Executive, Mr. Gbenga Alade, thanked the minister for his support and assured that the new board would enhance the corporation’s recovery processes.
Related: Tinubu appoints Gbenga Alade as MD of AMCON, 10 executives of NCC, others
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Credit: Neptune Prime