President Muhammadu Buhari has approved the dissolution of the Executive Management Team of the Assets Management Corporation of Nigeria (AMCON), kicking out its pioneer managing director, Mustafa Chike-Obi.
President Buhari has also approved the reconstitution of the management team of the corporation with Ahmed Lawan Kuru as Managing Director.
Buhari also appointed three executive directors. They are Kola Ayeye, Eberechukwu Uneze and and Aminu Ismail.
Until his appointment today as Managing Director of AMCON, Mr. Ahmed Kuru was the Group Managing Director of 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.
All the appointments are effective from today.
Asset Management Corporation of Nigeria (AMCON) was established on the 19th July 2010, when former President Goodluck Jonathan signed the AMCON Act into Law.
On its website, AMCON says it was created to be a key stabilizing and re-vitalizing tool established to revive the financial system by efficiently resolving the non-performing loan assets of the banks in the Nigerian economy.
The Chke-Obi led board was approved by the Senate in November 2010. The other members swept out today included are Mofoluke Benedicta Dosumu, Abbas Mohammed Jega and Mr. Hewett Adegboyega Benson.