Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, has urged the new board of Asset Management Corporation of Nigeria (AMCON) to strategically and cautiously manage the company’s wind-down.
The Minister, who gave the charge during the board’s inauguration on Wednesday, pointed out while developing a credible and sustainable exit plan for AMCON, the Mr. Bala Bello-led board members must align their mandate with the government’s wider economic reform agenda.
The minister expressed concern about the current portfolio of unrecovered debts by the corporation, and advised the new board members to strengthen the corporation’s asset recovery strategy through legal enforcement, restructuring and sale of assets.
Edun recalled that AMCON was established not just as a debt recovery agency, but also a key vehicle for transparency, accountability and the resolution of toxic assets within the banking system
He said: “This ceremony is not merely a procedural event; it 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 listed other priority areas for the board’s focus as including corporate governance, accountability, collaboration with key institutions like the Central Bank of Nigeria, Judiciary and the National Assembly as well as by articulating a clear exit strategy for the company.
He expressed optimism that the AMCON’s performance would play a crucial role in facilitating the achievement of the current administration’s agenda of economic stability, job creation and private sector-led growth.
The new AMCON’s board, which is chaired by Mr. Bala Bello, has Yusuf Tegina, Adeyemo Adeoye, Charles Iyiore, Yahaya Ibrahim, and Emily Osuji as non-executive directors.
