Why President Buhari Sacked AMCON MD

The removal of the Managing Director of the Asset Management Company of Nigeria (AMCON), Mustafa Chike-Obi, by President Muhammadu Buhari Tuesday was prompted by alleged cumulative offences committed by the former MD and his team, administration insiders and former members of the company’s board have said.

“The president has been inundated by complaints about the politicisation of AMCON by its leadership and the lack of transparency in the disposition of assets,” a presidency source said.

“The President had to act to halt the drift in the organisation, and restore efficiency and independence to its operations.”

This newspaper also learnt that the Ahmed Joda-led Transition Committee reported to the President that it observed lack of transparency and competitiveness in the way the company disposed of assets.

“The establishment of AMCON has been a central part of the reform agenda,” the committee said in its report. “Critical attention should be taken to ensure efficiency in its mandate.”

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