Senate Confirms Kuru As AMCON Managing Director/CEO

…Eberechukwu Uneze, Aminu Ismail return as Eds

The Senate of the Federal Republic of Nigeria on Wednesday confirmed the nomination of Mr. Ahmed Lawan Kuru as Managing Director of the Asset Management Corporation of Nigeria (AMCON).

Kuru who just completed his first term of five years last year was reappointed by President Muhammadu Buhari for a second and final term of five years in office as Managing Director/Chief Executive Officer of AMCON.

Also confirmed with Kuru by the Ahmed Lawan-led Senate to serve as Executive Directors at the debt recovery agency of the federal government of Nigeria are Dr Eberechukwu Uneze and Mr. Aminu Ismail. Both Executive Directors also served with Kuru in the first term. At the same plenary, the Senate also confirmed Mr Bello Hassan as Managing Director of the Nigeria Deposit Insurance Corporation (NDIC).

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Presenting the report on the screening of the nominees to the plenary on Wednesday, February 10, 2021, the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Uba Sani (representing Kaduna State Central) told the Senate that the committee having screened the candidates of the President of the Federal Republic of Nigeria, found Kuru, Uneze and Ismail eminently qualified for confirmation having done very well in their first term in office.

Senator Uba Sani in his presentation, said Mr. Kuru was confirmed as the Managing Director of the Asset Management Corporation of Nigeria in 2015, adding that, “the Corporation saw tremendous and tangible transformation and performance in effectively discharging its mandate during his first tenure through the introduction of new policies and frameworks.

“Strategically under his leadership, AMCON partnered with investors and operators for value-enhanced exit of its portfolio companies as well as the introduction and implementation of the Asset Management Partners (AMP) scheme to assist with the resolution of small loans which in turn created over 3000 jobs both directly and indirectly.

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“He also championed the creation of the Asset Tracing Unit (ATU), which has led to more extensive discovery of assets and subsequent recovery of indebtedness while simultaneously having proactive negotiations with debt holders to achieve prompt and optimal settlements,” the lawmaker said.

Sani noted that the re-appointments of the AMCON nominees are in accordance with the provisions of Section 10(3)(a) and(b) of the Asset Management Corporation of Nigeria; and their nomination for a second and final tenure of five years as enshrined in the Asset Management Corporation of Nigeria (AMCON) Act, 2010 (as amended).