FCT Minister Nyesom Wike has advised the Asset Management Corporation of Nigeria (AMCON) to adopt a firm and decisive approach in managing Nigeria’s increasing number of bad loans. This call was made during a meeting with AMCON’s management, led by its CEO, Gbenga Alade, at the FCT Minister’s office in Abuja on Tuesday.
Wike, known for his assertive leadership style, emphasized the importance of firm governance when dealing with financial obligations. He expressed concern over the prevalent culture where individuals and organizations secure loans without the intention of repaying, hoping that over time, these debts would be forgotten or written off.
“People collect loans for various reasons but often fail to use them for the intended purposes. Instead, they expect that time will eventually wipe the slate clean, with no repercussions. This mentality must change,” the minister said.
He urged AMCON to take tough decisions, irrespective of the personal relationships involved. “In governance, you must step on toes. It is not about friendship. When things are wrong, they must be corrected. Tough management and leadership are required to declare that enough is enough.”
Wike’s words reflected his broader view of leadership, where taking firm, and sometimes unpopular, decisions is key to progress. He acknowledged that making hard decisions may not always be met with approval but maintained that a leader must act decisively for the greater good. “You may not be right all the time, but the ability to make firm decisions is the only way this country can survive.”
AMCON, established in 2010 to resolve non-performing loan assets, has faced considerable challenges in recovering debts from influential individuals and businesses. Wike underscored the importance of the agency’s mission and urged Alade to see his recent appointment as an opportunity to demonstrate his capacity to deliver real results.
“President Bola Tinubu appointed you to solve AMCON’s challenges. Your task is not an easy one, but it is an opportunity to make a difference. Show leadership, and don’t be swayed by public sentiment or excuses.”
Wike pointed out a common problem in public administration, where leadership decisions are often scrutinized through the lenses of ethnicity and religion, detracting from the merit of the actions themselves. He likened the situation to the challenges he faces in land administration in the FCT.
“People think that when you’re appointed as a minister, all you’re there for is to distribute land. No one considers other responsibilities like education, infrastructure, or health. It’s always about land. And when you try to make reforms, it becomes an issue of ethnicity or religion. But leadership requires taking the bull by the horns, regardless of the resistance,” Wike noted.
