The Asset Management Corporation of Nigeria (AMCON) has a new board of directors, a move that the Federal Government has made to stabilize the financial sector, promote asset recovery, and ensure a smooth institutional transition.
The newly appointed Board, led by Dr. Bala Bello, brings together experienced professionals who are committed to improving corporate governance, accelerating recovery of distressed assets, and creating a credible, time-bound exit plan in accordance with international best practices.
Wale Edun, the minister of finance and Coordinating Minister of the Economy, praised AMCON’s new direction as essential for restoring investor confidence, unlocking value from non-performing assets, and supporting macroeconomic reforms that promote private sector growth during his opening address to the board on Wednesday.
The Minister called for “AMCON to change from a last-resort stabiliser to a disciplined vehicle for value creation and responsible exit.” The Minister noted that a credible winddown will free up resources and advance our shared goal of a transparent, investment-friendly financial system.
Effective asset recovery and institutional accountability are essential factors in ensuring that Nigeria remains a competitive destination for both capital and enterprise in a fiscally constrained environment, according to Edun.
Gbenga Alade, AMCON’s Managing Director/CEO, reaffirmed that the corporation was never intended to be permanent in his response.
He declared, “We are here to conclude, not to endure indefinitely.” We will provide a process that is in the national interest by comparing our exit strategy to global models.
The reconstitution of AMCON’s Board is seen by the Federal Government as a strategic move toward facilitating greater private sector participation in the economy, facilitating financial sector reform, and allowing bank balance sheet space to be opened up to banks.
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Among the AMCON Board members who have just been appointed are:
Chairman: Dr. Bala Bello
North Central’s Non-Executive Director Yusuf Tegina
South West Non-Executive Director, Adeyemo Adeoye
South South – Charles Odion Iyiore – Non-Executive Director
North West Non-Executive Director Yahaya Ibrahim
South East Regional Non-Executive Director Emily Chidinma Osuji
Gbenga Alade, AMCON’s Managing Director/CEO,
Executive Director, AMCON, Adeshola Lamidi
Lucky Adaghe, AMCON’s Executive Director
Source: Channels TV
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