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The Federal Government has officially directed the Asset Management Corporation of Nigeria (AMCON) to begin a credible and time-bound shutdown process, marking a major shift in Nigeria’s financial cleanup efforts.

  • Finance Minister Wale Edun inaugurated AMCON’s new board this week in Abuja.
  • The new mandate is clear: wind down operations and strengthen asset recovery.
  • Gbenga Alade is appointed MD/CEO, with Dr Bala Bello as Board Chair.
  • AMCON will align its exit strategy with international best practices.
  • FG says the shutdown will free up banking sector resources and boost investor confidence.
Created in 2010 to mop up bad bank loans post-2008 crisis, AMCON had long been seen as a financial stabiliser. But its extended relevance has drawn criticism. The government now wants AMCON to act less as a permanent fixer and more as a disciplined institution that exits the stage responsibly, sending a message to global investors: Nigeria means business.

As Nigeria pushes for economic reforms, the AMCON wind-down signals a new phase of financial transparency. How efficiently this is executed could impact investor trust and the health of the banking system. All eyes are now on the board’s next moves.