Senate Confirms Nomination Of Four AMCON Directors

The Senate on Tuesday, confirmed the nomination of four persons as Managing Director and Executive Directors of the Asset Management Corporation of Nigeria (AMCON).

The confirmation follows the consideration of the report of the committee on Banking, Insurance & Other Financial Institutions by its chairman, Sen. Abiru Adetokunbo representing Lagos East.

They include:

1. Gbenga Alade- Managing Director
2. Adeshola Lamidi- Executive Director
3. Lucky Adaghe- Executive Director
4. Dr, Aminu Mukhtar Dan’amu- Executive Director

The fresh development comes after the Red Chamber Committee on Banking, Insurance and Other Financial Institutions, last December, demanded the dissolution of the asset management agency over the failure to recover liabilities totalling N5trn.

The lawmakers made the demand when the former MD of AMCON, Ahmed Kuru, appeared before it to defend the agency’s budgetary allocation for the 2024 fiscal year.

During the budget defence, Kuru told the federal lawmakers that AMCON recovered about N648bn out of the agency’s total liabilities of N5trn as of September 20, 2023.

The Senate then called for the dissolution of the agency, because its management was not proactive in recovering liabilities.