Wednesday 19 August 2015

President Buhari sacks AMCON Executive




President Muhammadu Buhari has approved the dissolution of the executive management team of the Assets Management Corporation of Nigeria (AMCON) and approved the appointment of Ahmed Lawan Kuru as the new managing director of the corporation. Ahmed Kuru takes over from Mr Chike Obi who has been the Managing Director since the establishment of AMCON. Kola Ayeye, Eberechukwu Uneze and Aminu Ismail were also named as executive directors.

AMCON was established in 2010 to buy the non-performing loans of Nigerian banks with a view to stabilising the banking system. The corporation was governed by Chike Obi, and three Executive Directors – Mr Hewett Adegboyega Benson, Muhammed Abbass Jega and Mofoluke Benedicta Dosunmu.

Ahmed Lawan Kuru who was the former Managing Director of Enterprise Bank Plc (acquired by Heritage Bank in 2014), was also a director in other financial institutions like Keystone bank and Express Discount Limited.

No reasons have been proffered for the dissolution of the executive management team of AMCON. We are of the view that this may signal the possibility of more dissolution of boards of critical parastatals in the financial sector.

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