Finally, President Muhammadu Buhari has sacked the chief executive of NIgeria's "bad bank", Assets Management Corporation of Nigeria (AMCON), Mustafa Chike-Obi and replaced him with Ahmed Kuru.
Chike-Obi, a pioneer chief executive of AMCON was enmeshed in controversy, having joined the campaign trail of ex-president Goodluck Jonathan against code of conduct for public officials and rigorously campaigned against the emergency of President Buhari.
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| Kuru, new AMCON Chief |
In a statement on Tuesday, by Femi Adesina President Buhari's special adviser on media, three new executive directors were also appointed to run the operations of the corporation with Kuru.
The new executive directors are Kola Ayeye, Eberechukwu Uneze and Aminu Ismail. They will form the executive management team of AMCON.
Until his appointment, Mr. 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.
AMCON was floated by the government in the wake of banking crisis in 2009, when the central bank bailed out nine banks on the verge of failing due to huge none performing loans portfolio.
The central bank injected $4 billion to rescue the nine lenders from collapse six years ago, while AMCON was saddled with the responsibilities of buying over the non-performing loans and recovery of such debt from recalcitrant debtors.
The central bank injected $4 billion to rescue the nine lenders from collapse six years ago, while AMCON was saddled with the responsibilities of buying over the non-performing loans and recovery of such debt from recalcitrant debtors.
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