Mr. Wale Edun, the Minister of Finance and Coordinating Minister for the Economy, has urged the new board of AMCON to strategically and cautiously manage the company’s wind-down.
During the board’s inauguration in Abuja on Wednesday, the Minister emphasized that while developing a credible and sustainable exit plan for AMCON, the board must align its efforts with the government’s wider economic reform agenda.
The new board, chaired by Mr. Bala Bello, has Yusuf Tegina, Adeyemo Adeoye, Charles Odion Iyiore, Yahaya Ibrahim, and Emily Chidinma Osuji as non-executive directors.
He said the current portfolio of unrecovered debts in the country had remained a matter of concern to the government
Edun, therefore, advised the new board to work assiduously to strengthen the corporation’s asset recovery strategy through legal enforcement, restructuring and sale of assets.
He stressed that the board must adopt a firmer approach to the recovery of non-performing loans.
The minister said that AMCON was established not just as a debt recovery agency, but also a key vehicle for transparency, accountability and the resolution of toxic assets within the banking system
“This ceremony is not merely a procedural event; it is a defining moment in the continued effort of this administration to promote financial stability, enhance investor confidence, and reposition Nigeria’s financial institutions for long-term growth and sustainability,” he said.
Edun listed other priority areas for the board which included governance, accountability, collaboration with key institutions like the Central Bank of Nigeria, the judiciary and the National Assembly as well as the need to begin articulating a clear exit strategy for the company.
He said AMCON’s performance would play a crucial role in facilitating the achievement of the federal government’s economic agenda of economic stability, job creation and private sector-led growth.
Author
Leave a comment