The Federal Government has inaugurated the new Board of Directors of the Asset Management Corporation of Nigeria (AMCON), marking a renewed phase in the Corporation’s mandate to stabilise the financial sector, enhance asset recovery, and prepare for an orderly institutional wind-down.

The newly appointed Board, Chaired by Dr. Bala Bello brings together seasoned professionals with a clear charge to improve corporate governance, accelerate the recovery of distressed assets, and design a credible, time-bound exit strategy in line with global best practices.

 Inaugurating the Board today in his office in Abuja, the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun described AMCON’s new direction as critical to restoring investor confidence, unlocking value from non-performing assets, and supporting macroeconomic reforms that encourage private sector growth.

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

HM Edun emphasised that in a fiscally constrained environment, efficient asset recovery and institutional accountability are key levers for ensuring Nigeria remains a competitive destination for capital and enterprise.

In his response, AMCON Managing Director/CEO Mr. Gbenga Alade pledged the Board’s full commitment to delivering results and reaffirmed that the Corporation was never intended to be permanent.

*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 views the reconstitution of AMCON’s Board as a strategic step toward unlocking balance sheet space for banks, supporting financial sector reform, and enabling stronger private sector participation in the economy.

Members of the newly inaugurated AMCON Board include:

Dr. Bala Bello – Chairman

Yusuf Tegina – Non-Executive Director, North Central

Adeyemo Adeoye – Non-Executive Director, South West

Charles Odion Iyiore – Non-Executive Director, South South

Yahaya Ibrahim – Non-Executive Director, North West

Emily Chidinma Osuji – Non-Executive Director, South East

Gbenga Alade – Managing Director/CEO, AMCON

Adeshola Lamidi – Executive Director, AMCON

Lucky Adaghe – Executive Director, AMCON

Aminu Mukthar Dan’Amu – Executive Director, AMCON

The Federation Account Allocation Committee (FAAC), at its May 2025 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1. 681Trillion to the three tiers of government as Federation Allocation for the month of April 2025 from a gross total of N2.848 Trillion.

From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL) and Exchange Difference, the Federal Government received N565.307 Billion, the States received N556.741 Billion, the Local Government Councils got N406.627 Billion, while the Oil Producing States received N152.553 Billion as Derivation, (13% of Mineral Revenue).

The sum of N101.051 Billion was given for the cost of collection, while N1.066 Trillion was allocated for Transfers Intervention and Refunds.

The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of April 2025, was N642.265 Billion as against N637.618 Billion distributed in the precee ding month, resulting in an increase of N4.647 Billion.

From that amount, the sum of N25.691Billion was allocated for the cost of collection and the sum of N18.497 Billion given for Transfers, Intervention and Refunds. The remaining sum of N598.077 Billion was distributed  to the three tiers of government, of which the Federal Government got N89.712 Billion, the States received N299.039 Billion and Local Government Councils got N209.327 Billion.

Accordingly, the Gross Statutory Revenue of N2.084 Trillion received for the month was higher than the sum of N1.718 Trillion received in the previous month by N365.595 Billion. From the stated amount, the sum of N73.741 Billion was allocated for the cost of collection and a total sum of N1.047 Trillion for Transfers, Intervention and Refunds.

The remaining  balance of  N962.882 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N431.307 Billion, States received N218.765 Billion, the sum of N168.659 Billion was allocated to LGCs and N144.151 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, out of the sum of N40.481 Billion from  Electronic Money Transfer Levy (EMTL), the sum of N38.862 Billion was distributed to the three (3) tiers of government as follows: the Federal Government received N5.829 Billion, States got N19.431 Billion, Local Government Councils received N13.602 Billion. The remaining balance of N1.619 Billion was allocated for Cost of Collection.

The Communique also mentioned the sum of N81.407 Billion from Exchange Difference which was distributed to the three tiers of Government as follows: Federal government got N38.459 Billion, the State received N19.507 Billion, the LGCs got N15.039 Billion, while the Oil producing States received N8.402 Billion.

Petroleum Profit Tax (PPT), Oil and Gas Royalty, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Excise Duty, Import Duty and CET Levies increased significantly, while Company Income Tax (CIT) recorded a decrease.

According to the Communique, the total revenue distributable for the current month of April 2025, was drawn from Statutory Revenue of N962.882 Billion, Value Added Tax (VAT) of N598.077 Billion, N38.862 Billion from Electronic Money Transfer Levy (EMTL) and the sum of N81.407 Billion from Exchange Difference, bringing the total distributable amount for the month to N1.681Trillion.

Ealier in his opening remarks, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, emphasized that domestic revenue mobilisation is a critical component of Nigeria’s long-term path to sustainable development financing.

He thanked the Federation Allocation Account Committee (FAAC) for their resilience in the discharge of their duties 

In a historic milestone, Nigeria has been formally admitted as a member of the European Bank for Reconstruction and Development (EBRD), marking a significant step towards boosting private sector access to international capital and supporting the country’s long-term economic transformation.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun led a high-level delegation to the EBRD 2025 Annual Meetings in London, where Nigeria’s accession was formalized.

 Speaking at the Board of Governors’ Plenary Session, HM Edun described Nigeria’s membership as a strategic milestone aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

*This is a proud day for Nigeria. Our accession to the EBRD marks a critical milestone in our economic reform journey. We are committed to building a transparent, rules-based economy that unlocks private investment and accelerates inclusive growth,* Edun stated.

With over 80% of its financing directed towards the private sector, the EBRD plays a pivotal role in supporting entrepreneurship, SMEs, and large-scale investments across key sectors. Nigeria’s membership opens new opportunities for local businesses to access development finance and technical expertise across priority areas such as energy transition, infrastructure, agriculture, and digital innovation.

The Honourable Minister also held high-level bilateral meetings with delegations from France and the United States, reinforcing Nigeria’s position as an active and trusted partner in global economic governance.

Held under the theme *Expanding Horizons, Enduring Strengths,* the 2025 EBRD Annual Meetings brought together leaders from over 70 economies to advance dialogue on inclusive growth, resilience, and sustainable development.

As Nigeria embarks on this new chapter of economic cooperation with the EBRD, the country is poised to leverage the Bank’s expertise and resources to drive sustainable growth, create jobs, and improve the lives of its citizens. With this strategic partnership, Nigeria is set to unlock new opportunities for economic transformation, cementing its position as a key player in global economic governance