Former Chairman of Fidelity Bank, Mustafa Chike-Obi, has disclosed that Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, rejected a proposal to shut down the Asset Management Corporation of Nigeria (AMCON).
Chike-Obi made the disclosure during a podcast released on Friday, October 30, 2026, where he discussed his long-standing position that the corporation had outlived its usefulness and should be wound down.
He explained that he had been advocating AMCON’s closure for about six years, adding that the proposal had previously been presented to an earlier administration but was not acted upon.
According to him, the proposal was later submitted to the current administration through former Minister of Finance, Wale Edun, who accepted it and forwarded it for consideration.
However, Chike-Obi said Cardoso opposed the proposal, preventing the planned closure from proceeding.
“Six years ago, it was presented to the previous government, but it was ignored as if it was their right. It was presented to this government under former Finance Minister, Wale Edun. He accepted it and put it forward, but it was rejected by Olayemi Cardoso. The plan is still on and good,” he said.
The former bank chairman maintained that AMCON no longer had sufficient justification to continue operating, arguing that the circumstances that led to its establishment had changed.
AMCON was established in 2010 following the 2008–2009 banking crisis to acquire eligible non-performing loans from financial institutions, stabilise the banking sector and recover distressed assets.
The corporation was created as part of efforts to address weaknesses in Nigeria’s financial system and prevent the collapse of banks burdened by bad loans.
However, its continued existence has attracted debate, particularly over the length of time required to recover outstanding debts and the financial obligations associated with its operations.
Chike-Obi has previously argued that AMCON should be wound down, maintaining that debts which have remained unrecovered for many years have increasingly slim prospects of recovery.
His latest comments have brought renewed attention to the disagreement over the agency’s future and the respective positions of fiscal and monetary authorities.
The CBN had not publicly responded to Chike-Obi’s latest claims as of the time of this report. Meanwhile, AMCON continues to operate under its statutory mandate of recovering outstanding debts and managing distressed assets.
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