The Senate Committee on Banking, Insurance and Other Financial Institutions has screened the Deputy Governor, Corporate Services, Edward Lametek Adamu, for the position of Chairman, Asset Management Corporation of Nigeria (AMCON), with a charge, subject to Senate’s confirmation, to reposition the Corporation for greater effectiveness.
The Chairman of the committee, Senator Uba Sani gave the charge on Tuesday, December 17, 2019, during the committee’s screening of Adamu sequel to his nomination by President Muhammadu Buhari for the post of part-time Chairman of AMCON.
Senator Uba, while noting the critical role of AMCON, remarked that Adamu’s nomination, in line with the amended AMCON Act, which stipulates that a Deputy Governor of the CBN shall be Chairman, on a part-time basis, was commendable as the nominee was familiar with the processes of the corporation, having served briefly as a member of the Board.
Taking turns to speak, members of the Senate Committee commended the capacity of the nominee, noting that he possessed the competence to bring about positive change at AMCON, which some members pointed out had serious issues, such as huge unpaid debts, needing critical and urgent solutions. They therefore sought to know his plans for the Corporation if his nomination was approved by the Senate.
The Committee also stated, for the records, that there was no petition before it challenging the nomination of Adamu as Chairman of AMCON, adding that the nominee, who was also screened by the Committee and confirmed by the Senate as a Deputy Governor of the Central Bank in 2018, had not carried out any action inconsistent with the findings of the Senate.
Responding to the questions posed by the Senate Committee members, Adamu said the amendment to the AMCON Act had empowered the corporation to ensure it achieves its mandate. If confirmed as Chairman, Adamu said he and his team would ensure that the corporation would work to recover debts owed by obligors. He also hinted that the corporation would strive to dispose of the assets in order to rake in revenue to close identified gaps.
It will be recalled that President Muhammadu Buhari, in a letter to the Senate dated December 9, 2019, sought for the screening and confirmation of Edward Lametek Adamu as Chairman, Asset Management Corporation of Nigeria (AMCON) in accordance with AMCON Act 2010 (As Amended).
