President Tinubu Sacks Kuru, Names Alade AMCON CEO

President Bola Tinubu has sacked Ahmed Lawan Kuru as the Managing Director/ Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), naming Gbenga Alade as his replacement.

According to Presidential spokesman, Ajuri Ngelale, Alade’s appointment is subject to confirmation by the Nigerian Senate.

Aside from Alade, the president also appointed the following:

“The President expects unflagging dedication, professionalism, and dutifulness from the new appointees so as to ensure that the operations of AMCON are more efficient, transparent, and in consonance with his determination to sanitize the nation’s financial system to maximize value and enhance investor confidence in the Nigerian economy,” Ngelale said in his statement.

Ex-President Muhammadu Buhari had appointed Kuru for a five-year tenure in 2015, and renewed his appointment for another five years in 2020.

But for his removal, Kuru would have completed his tenure next year.

Established in 2010, AMCON initially had a lifespan of 10 years.

It came into fruition as a result of the global financial crisis and domestic events. The federal government through the operation of the Central Bank of Nigeria had conceptualized the idea for the establishment of a body that would prevent the looming financial crisis in the country.

At the time of its establishment, the body identified 10 banks with crisis in system asset and responded by injecting N736 billion liquidity to buy up their assets.

Among the 10 banks, only three banks were unable to meet up and were finally acquired by AMCON.