ABUJA — The Federal Government has inaugurated a new Board of the Asset Management Corporation of Nigeria (AMCON), in a renewed effort to intensify asset recovery and ensure financial system stability across the country.
The inauguration ceremony, which took place in Abuja on Tuesday, was presided over by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun. The newly constituted board is expected to provide strategic direction for AMCON’s operations in line with the President Bola Ahmed Tinubu administration’s drive to reposition key economic institutions for greater impact.
In his remarks, Edun said the reconstitution of the AMCON board is part of broader reforms aimed at strengthening Nigeria’s financial architecture and ensuring accountability in asset management and debt recovery processes.
“AMCON plays a crucial role in stabilizing the financial sector by resolving non-performing loans and recovering debts owed to banks and other financial institutions. This board has been carefully selected to provide the oversight, expertise, and integrity required to fulfill that mandate,” the Minister stated.
He emphasized that the government’s economic recovery plans rest on institutions like AMCON playing their part in restoring investor confidence and enhancing financial discipline. Edun further charged the new board to prioritize transparency, effectiveness in asset recovery, and collaboration with relevant agencies such as the Central Bank of Nigeria, Nigerian Deposit Insurance Corporation (NDIC), and commercial banks.
The Managing Director/Chief Executive Officer of AMCON, Mr. Ahmed Lawan Kuru, who retains his position on the board, pledged the corporation’s renewed commitment to meeting its statutory obligations. He noted that AMCON has so far recovered over N1.6 trillion worth of debts and assets since its inception in 2010.
“With this new board, we are more determined than ever to pursue strategic debt resolution frameworks, especially targeting high-profile obligors who have continuously resisted repayment,” Kuru said.
Other members of the board include seasoned professionals from the legal, banking, and public service sectors, reflecting a cross-section of expertise required to advance AMCON’s objectives.
The move comes as AMCON intensifies its legal and administrative actions against chronic debtors who owe the corporation trillions of naira. The agency was created to stabilize the banking sector in the wake of the 2009 financial crisis and is mandated to manage and recover toxic assets acquired from distressed banks.
With the inauguration of the new board, stakeholders expect a stronger enforcement mechanism and a fresh momentum in the government’s efforts to sanitize Nigeria’s financial ecosystem and boost economic stability.
