The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has officially inaugurated the new Board of Directors of the Asset Management Corporation of Nigeria, marking a fresh phase in the Corporation’s efforts to stabilize the financial sector, enhance asset recovery, and manage an orderly institutional wind-down.

The newly appointed board, chaired by Dr. Bala Bello, is composed of experienced professionals tasked with strengthening corporate governance, speeding up the recovery of distressed assets, and developing a clear, time-bound exit strategy aligned with global best practices.

In a statement released on Thursday by the Ministry’s Director of Information and Public Relations, Mohammed Manga, the restructuring aims to boost investor confidence, unlock value from non-performing assets, and support macroeconomic reforms that drive private sector growth.

Speaking at the inauguration, Edun emphasized that AMCON must transition from a stabilizer of last resort to a disciplined vehicle for value creation and responsible exit.

“A credible wind-down will not only free up resources but reinforce our broader goal of a transparent, investment-friendly financial system,” the Minister stated.

Amid Nigeria’s fiscal constraints, Minister Wale Edun emphasized the need for efficient asset recovery and strong institutional accountability to keep the country attractive for investment and business.

In response, AMCON Managing Director/CEO, Gbenga Alade, reaffirmed the Corporation’s commitment to achieving results as it moves toward an orderly wind-down.

“We are here to conclude, not to continue indefinitely. We will benchmark our exit plan against global models and deliver a process that serves the national interest,” Alade said.

The newly inaugurated AMCON Board features leading financial and governance experts:

Dr. Bala Bello – Chairman

Yusuf Tegina – Non-Executive Director, North Central

Adeyemo Adeoye – Non-Executive Director, South West

Charles Odion Iyiore – Non-Executive Director, South South

Yahaya Ibrahim – Non-Executive Director, North West

Emily Chidinma Osuji – Non-Executive Director, South East

Gbenga Alade – Managing Director/CEO, AMCON

Adeshola Lamidi – Executive Director, AMCON

Lucky Adaghe – Executive Director, AMCON

Aminu Mukthar Dan’Amu – Executive Director, AMCON.

In March, the Nigerian Senate approved the nomination of Dr. Bala Bello as part-time Chairman of the Asset Management Corporation of Nigeria, amid ongoing efforts to recover N4 trillion in debt.

During Wednesday’s plenary session, the Senate also confirmed five other nominees as Non-Executive Directors of AMCON.

This followed the presentation and adoption of the report from the Senate Committee on Banking, Insurance, and Other Financial Institutions.