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National News

Buhari Dissolves AMCON MGT Team, Demands Report On NITEL's Liquidation

President Muhammadu Buhari on Tuesday approved the dissolution of the executive management team of the Asset Management Corporation of Nigeria (AMCON). A statement by the Special Adviser to the President, Media and Publicity, Mr. Femi Adesina, said Buhari also approved the reconstitution of a new management team for the corporation.

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With the announcement, Mr. Mustapha Chike-Obi, the pioneer managing director of AMCON whose tenure was due to expire in November this year, has been replaced by Ahmed Lawan Kuru. While the new executive directors (EDs) of the corporation are Kola Ayeye, Eberechukwu Uneze and Aminu Ismail.

The three new EDs shall be replacing Mofoluke Benedicta Dosumu, Hewitt Adegboyega Benson and Abbas Mohammed Jega, who were appointed alongside Chike-Obi in 2010.

Before his appointment as the new chief executive of AMCON, Kuru was the immediate past Group Managing Director of Enterprise Bank Limited before it was sold to Heritage Bank Limited by AMCON.

He started his banking career with the defunct Habib Bank in 1985 and rose through the ranks to become an executive director of BankPHB (now Keystone Bank) in 2005. The appointment of Kuru and the three new AMCON executive directors became effective yesterday.

AMCON was created by an Act of the National Assembly to be a key stabilising and revitalising tool to revive the financial system by efficiently resolving the non-performing loan assets of the banks in the Nigerian economy.

Its board was dissolved by Buhari last month when the president ordered a blanket dissolution of all boards of agencies and parastatals belonging to the federal government. Just as the president appointed a new executive team to run AMCON, he also demanded a comprehensive report on the liquidation of the Nigerian Telecommunications Company (NITEL).

A statement by his media aide, Mr Garba Shehu, said Buhari made the demand after receiving a briefing from the Permanent Secretary of the Ministry of Communications Technology, Dr. Tunji Olaopa.

The president said he was concerned by the continuing protests of former NITEL employees and other Nigerians over the manner in which assets of the company were disposed of. The president however said he was not opposed to the liquidation of the telecommunications company belonging to the federal government but was concerned about the process.

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