In a decisive move to revive Nigeria’s financial sector, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has inaugurated a new Board of Directors for the Asset Management Corporation of Nigeria (AMCON).
Held in Abuja on Thursday, the inauguration, at its core, is a reform step, the government’s efforts to implement institutional reforms that promote transparency, unlock value from non-performing assets, and restore investor confidence in the Nigerian economy.
The newly appointed 10-member board, chaired by Dr. Bala Bello, includes seasoned professionals representing Nigeria’s six geopolitical zones. They are tasked to recover over $2.51 billion in Non-performing loans and chart a clear time-bound exit strategy for AMCON.
“A credible wind-down will not only free up resources but reinforce our broader goal of a transparent, investment-friendly financial system,” said Minister Edun, calling for institutional discipline and investor-focused reforms.”
Who they are
The Asset Management Corporation of Nigeria (AMCON) was established in 2010 in response to the 2008 global banking crisis, which severely affected the Nigerian banking system.
The crisis led to a significant rise in Non-performing loans, which threatened the bank’s existence. As a result, AMCON was introduced to buy up the NPLs from banks, in exchange for shares or equity, thereby reconditioning them and restoring confidence.
Its primary objective includes recovering bad debts, managing and disposing of assets, while winding down in a structured and transparent manner.
However, years on, a system set up to revive is grappling with a significant loss, a primary factor responsible for this new appointment.
AMCON’s newly appointed Managing Director/CEO, Gbenga Alade, acknowledged this, stating, “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.”
Who’s who on the new AMCON Board
Dr. Bala Mohammed Bello – Chairman
Currently Deputy Governor of Corporate Services at the Central Bank of Nigeria (CBN). Previously, Executive Director of Corporate Services at NEXIM Bank. Holds a B.Sc. in Accounting, an MBA from Ahmadu Bello University, and multiple global certifications. His appointment reflects alignment with Tinubu’s economic reform agenda.
Gbenga Temitope Alade – Managing Director/CEO
Former MD of GTBank UK and senior executive at Intercontinental Bank Plc and Citibank. Holds a First-Class and Master’s degrees in Banking and Finance. His blend of international and local expertise signals a leadership focused on outcomes and innovation.
Emily Chidinma Osuji – Non-Executive Director (South East)
Executive Director, Corporate Services at the Nigeria Deposit Insurance Corporation (NDIC). Former Director of Asset Management at NDIC. Holds a Sociology degree and an MBA in Finance
Adeshola Lamidi – Executive Director
A veteran of AMCON since 2012, with prior experience at JP Morgan Chase, Prudential Securities, and KPMG LLP. Specialises in risk management and credit administration.
Lucky Adaghe – Executive Director
A fellow chartered accountant with over 30 years in finance. Most recently, he has served as a Finance Analyst at Maple Leaf Foods, Canada. He brings global financial controls expertise.
Dr. Aminu Mukhtar Dan’Amu – Executive Director
Expert in finance and public policy. Holds a Doctorate in Business Administration, a Master’s degree from Harvard Kennedy, and an MBA from Bayero University. Former Commissioner of Finance in Kano State.
Adeyemo Adeoye Stephen – Non-Executive Director (South West)
A seasoned professional with over 20 years in private and public service. His expertise lies in risk assessment, financial planning, and regulatory compliance. Holds a Bachelor’s in Accounting and professional chartered status.
Yusuf Tegina Sule – Non-Executive Director (North Central)
He has held the strings of power, accumulating expertise in public and private office. He holds a B.Sc. degree and an MBA in Business Administration. Currently serving as President and CEO at Caspian Oil & Gas Ltd.
Charles Odion Iyiore – Non-Executive Director (South South)
Mr. Charles has extensive years of service as a financial advisor. Presently, he’s a Director at R K Heritage LTD, a U.K.-based company where he holds 75% in ownership and business control.
Yahaya Ibrahim – Non-Executive Director (North West)
Ibrahim, a Non-Executive Director of AMCON, representing the North West region of Nigeria. Outside this, in the world of connectivity, Ibrahim commands a silent profile.
Why it matters
Nigeria’s financial ecosystem is still weighed down by bad debts and asset underperformance. The reform of AMCON comes at a time when credit to the private sector is constrained, and confidence in asset recovery is weak.
A professional, accountable, and time-bound AMCON can free up liquidity in the banking system, improve non-performing loan resolution, and send a positive signal to investors about Nigeria’s commitment to financial discipline.
Exchange rate used: $1 = ₦1,584 ( as of May 26, 2025).
