The Federal Capital Territory (FCT) Minister, Mr. Nyesom Wike, has called on the management of the Asset Management Company of Nigeria (AMCON) to adopt a firm and decisive stance in managing the country’s bad loans. Wike made this assertion during a visit from AMCON’s management team, led by Managing Director/CEO Mr. Gbenga Alade, in Abuja on Tuesday.

Wike pointed out that many borrowers misuse loans, expecting them to be written off over time. He emphasized the need for strict governance, stating, “In governance, you must step on toes. It is not about friendship. When things are not right, things are not right. You require tough management and leadership to say no; enough is enough.”

He underscored the importance of taking decisive action, noting, “You may not be right all the time; you must take a decision and be firm. That is the only way this country can survive.” Wike highlighted that President Bola Tinubu appointed Alade to address the challenges facing AMCON and urged him to see this role as an opportunity to showcase his leadership capabilities.

The minister also expressed concern that leaders’ decisions are often viewed through the lenses of ethnicity and religion rather than merit. He used land administration in the FCT as an example, explaining that his actions are frequently interpreted in terms of religious or ethnic bias. “When you want to make changes, it becomes a problem and is tagged to religion and ethnicity. But somebody has to take the bull by the horns. That is what leadership is about,” Wike said.

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He assured AMCON of the Federal Capital Territory Administration’s (FCTA) support in its efforts to succeed, emphasizing the necessity for collaboration among government agencies to achieve shared objectives.

Earlier, Alade recounted that AMCON was established in 2010 to stabilize a banking sector burdened by a significant volume of bad loans. Despite 14 years of operation, he noted that the company continues to grapple with “powerful and influential debtors” who refuse to repay their loans. Alade appealed for support from Wike and other stakeholders to help recover the funds owed to Nigerians by these delinquent debtors.