NewStats: 3,263,293 , 8,179,670 topics. Date: Thursday, 05 June 2025 at 11:43 AM l53g

FG directs AMCON to begin shutdown process

The Federal Government has inaugurated a new Board of Directors for the Asset Management Corporation of Nigeria, with a directive to strengthen asset recovery and commence a credible, time-bound wind-down of the Corporation.

According to a statement by the Director of Information and Public Relations at the Federal Ministry of Finance, Mr Mohammed Manga, on Thursday, the inauguration, which took place on Tuesday in Abuja, was conducted by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who stated that the new leadership of AMCON must reposition the institution in line with global best practices and ongoing macroeconomic reforms.

“AMCON must evolve from a stabiliser of last resort to a disciplined vehicle for value creation and responsible exit,” the minister said. “A credible wind-down will not only free up resources but also reinforce our broader goal of a transparent, investment-friendly financial system.”

Edun also stressed the importance of efficient asset recovery and institutional ability in a fiscally constrained environment, noting that these are essential for Nigeria to remain a competitive destination for investment and enterprise.

The newly appointed board is chaired by Dr Bala Bello. Other include Mr Gbenga Alade as Managing Director/Chief Executive Officer; Mr Adeshola Lamidi, Mr Lucky Adaghe and Mr Aminu Mukthar Dan’Amu as Executive Directors; and Mr Yusuf Tegina (North Central), Mr Adeyemo Adeoye (South-West), Mr Charles Odion Iyiore (South-South), Mr Yahaya Ibrahim (North-West) and Ms Emily Chidinma Osuji (South-East) as Non-Executive Directors.

In his remarks, the AMCON Managing Director, Mr Gbenga Alade, assured the government of the board’s full commitment to the Corporation’s mandate, stating that AMCON was never intended to exist indefinitely.

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

The Federal Government described the reconstitution of the AMCON board as a strategic move to unlock balance sheet space for banks, financial sector reform, and strengthen private sector participation in the economy.

AMCON was set up in 2010 to help fix the banking crisis caused by the 2008 global financial meltdown.

Its job was to buy bad loans from troubled banks and stabilise the financial system.

However, AMCON has been criticised for lagging in transparency and lacking a clear plan to shut down, among other issues.

https://punchng.com/fg-directs-amcon-to-begin-shutdown-process/#google_vignette

Interesting.

At the end, all good things must come to an end. I must confess i thought that AMCON Initially was problematic...basically it was just 'hiding debts', but it has turned out to be a good thing, and probably saved far more jobs than any government.

One of GEJ's good ideas (lol to the APC geng) is finally being wound up. I would be sorry to see it go, but at the end, I suspect that was the plan from day one. Government cannot be covering for loans...it is kind of risky business. Still, in this case, it worked.

Every appointment to you know the tribe , ahhhhh afo power , the Ultra odua Nationalist government

H

They are talking about the shutdown process of assets of delinquent debtors taking over by AMCON.

What I don't like about AMCON is how they take over businesses and allow them to rot. Look at Silverbird port Harcourt, they shut it down over 10 years ago and bush have taken over the place. Same thing with countless hotels and filling stations etc that AMCON has seized.
Why not take over the businesses and continue running them or sell them off to new investors

Politics is all about interest and not performance or qualifications.

Most are looking for the appointees tribe and they arbitrarily classify all Nigerians into Hausa, Igbo and Yoruba.

This is a retrogression and selfish mindset!
Even if na your brother dey there that one no means say hin head go dey correct for the job!

Its supposed to be AMCON board shutting down not AMCON itself.

E

A forensic analysis of the finances of AMCON should be carried out, and all seizures and procedures must be scrutinize, a lot of sharp practices and money lost in AMCON. A strong nation ensures stolen funds are recovered,for money is what it is all about in running and maintaining an economy and it's citizenry.

AMCON has become a fraudulent agency for the rich. They secured a loan, fritters it away and then file for bankruptcy, AMCON will take over and the investors will just walk away.

ALTERNATEID:
They are talking about the shutdown process of assets of delinquent debtors taking over by AMCON.

In his remarks, the AMCON Managing Director, Mr Gbenga Alade, assured the government of the board’s full commitment to the Corporation’s mandate, stating that AMCON was never intended to exist indefinitely.

nairalanda1:
Interesting.

At the end, all good things must come to an end. I must confess i thought that AMCON Initially was problematic...basically it was just 'hiding debts', but it has turned out to be a good thing, and probably saved far more jobs than any government.

One of GEJ's good ideas (lol to the APC geng) is finally being wound up. I would be sorry to see it go, but at the end, I suspect that was the plan from day one. Government cannot be covering for loans...it is kind of risky business. Still, in this case, it worked.

Did you read through at all?

Shake my head

TechCapon:
What I don't like about AMCON is how they take over businesses and allow them to rot. Look at Silverbird port Harcourt, they shut it down over 10 years ago and bush have taken over the place. Same thing with countless hotels and filling stations etc that AMCON has seized.
Why not take over the businesses and continue running them or sell them off to new investors

This is what happens when you set up a corporation without definite mandate.

TechCapon:
What I don't like about AMCON is how they take over businesses and allow them to rot. Look at Silverbird port Harcourt, they shut it down over 10 years ago and bush have taken over the place. Same thing with countless hotels and filling stations etc that AMCON has seized.
Why not take over the businesses and continue running them or sell them off to new investors

Good point you made.

They can retain the mechanism of the asset, and send the accruements to the government.

Cho Cho cho

AMCON is arguably a SPV for personal aggrandizement.

nairalanda1:
Interesting.

At the end, all good things must come to an end. I must confess i thought that AMCON Initially was problematic...basically it was just 'hiding debts', but it has turned out to be a good thing, and probably saved far more jobs than any government.

One of GEJ's good ideas (lol to the APC geng) is finally being wound up. I would be sorry to see it go, but at the end, I suspect that was the plan from day one. Government cannot be covering for loans...it is kind of risky business. Still, in this case, it worked.

Well done
Well written

Then wan share the recovered assets and businesses

Blankstare:





In his remarks, the AMCON Managing Director, Mr Gbenga Alade, assured the government of the board’s full commitment to the Corporation’s mandate, stating that AMCON was never intended to exist indefinitely.

Neither should all the so called development commissions littering the government spaces. They are supposed to be institutions of intervention with set targets of development within time and budget envelopes not the open ended money pits where government pork is dished out and visions remain eternal mirage.

AMCON took over so many company and till date those company are not functioning again.
If you can't manage it, why not just sell it off to another investor to regain certain profit from it rather than allow it rot.

AMCON was supposed to last for 10 years

2010 to 2020 as stated by Sanusi Lamido Sanusi that set it up back then.

But Buhari elongated their life span

Tinapa died after AMCON took over

But they tried with Arik Air and other Airlines.

Banks like Polaris, Skye, Unity, etc would have not survived bad debts if not for AMCON

Akinola2543:
AMCON took over so many company and till date those company are not functioning again.
If you can't manage it, why not just sell it off to another investor to regain certain profit from it rather than allow it rot.

They're not good managers.

Eg, Tinapa

AMCON de go or e de stay? We don't have time to read again.

Very corrupt agency

There is credit rating abroad, you can never access any loan with very low credit rating ,until its paid back.. BIankruptcy laws are there if a company cant meet up with payments,it declares bankruptcy and close .Government should not be involving in private business except it wants to nationalise such companies for a little while in other to save jobs.