Tag Archives: AMCON MD

Senate Confirms Nomination Of Ahmed Kuru As AMCON MD

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The Senate has confirmed the nomination of Ahmed Lawan Kuru as Managing Director of the Asset Management Corporation of Nigeria (AMCON).

Recall that Kuru was appointed by President Muhammadu was appointed to replace Mustafa Chike-Obi after Buhari dissolved the executive team of the Assets Management Corporation of Nigeria (AMCON)

Kuru is formerly the Group Managing Director and Chief Executive Officer of the defunct Enterprise Bank Limited. He started his banking career with the old Habib Bank in 1985 and rose through the ranks to become an Executive Director of Bank PHB (now Keystone Bank) in 2005.

Credit: Vanguard

Why President Buhari Sacked AMCON MD

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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.”

Read More: premiumtimesng