News
Ahmed Kuru: Changing the Narrative of AMCON

By Solomon Semaka.
For the avoidance of doubt, AMCON is an acronym for Asset Management Corporation of Nigeria. AMCON is a statutory body created by an Act of the National Assembly. The bill which created the body was signed into law by President Goodluck Jonathan on Monday, July 19, 2010.
According to a press release that was signed by M.M. Abdullahi, Head, Corporate Communications of Central Bank of Nigeria quoted President Jonathan thus; “the establishment of AMCON is a reflection of the Government’s commitment to safeguard the interests of depositors, creditors, and other stakeholders in the Nigerian financial system and in doing so rejuvenate the domestic economy.”
Though the Act has undergone amendments and the latest was signed into law by President Muhammadu Buhari in August 2019. The new AMCON Act has increased the powers of the corporation to recover debts owed to legacy banks.
Abata, Matthew Adeolu of the Department of Accounting, Lagos State University, Ojo in a paper in Global Journal of Contemporary Research in Accounting, Auditing and Business Ethics (GJCRA) An Online International Research Journal (ISSN: 2311-3162) 2015 Vol: 1 Issue 2 282 www.globalbizresearch.org with the title “Impact of Asset Management Corporation of Nigeria (AMCON) On the Securitisation in the Nigerian Banking Sector” has traced the necessitating factors of the establishment of AMCON to include the accumulation of non-performing loans (NPLS) of some Nigerian deposit banks, and governmental approach towards resolving these threats to banking industry performance and economic stability. Summarily, Abata has argued that “the rationale behind the establishment of AMCON is for the corporation to purchase the toxic assets from the banks and after the purchase the banks will have “clean” balance sheet.”
It is interesting to note that AMCON was a part of a grand strategy of the Central Bank of Nigeria during the Banking Sector stabilization process that begun in August 2009. At that time, after a special audit by the Central Bank of Nigeria and the Nigeria Deposit Insurance Commission (NDIC) of banks in Nigeria, nine banks were discovered to be thoroughly distressed, below minimum capital requirements and were heading toward bankruptcy – this is a part from the mountain of accumulated non-performing loans.
Therefore, the foregoing is an explanation that the establishment of AMCON was like a stitch in time which serves nine. The establishment now under Ahmed Lawan Kuru as the Chief Executive Officer and Managing Director who was re-appointed by President Muhammadu Buhari for a second term in office and confirmed by the senate of the Federal Republic of Nigeria in December 2020 has continue to work assiduously towards the stabilization of the Nigerian economy.
Under the watchful eyes of Kuru as the CEO/MD of AMCON, as of August 2020, Kuru appearing before a technical session of the senate committee on Banking Insurance and other Financial Institutions in Abuja revealed that the total Assets Under Management (AUM) was N136.73 billion and N112.03 billion worth of propriety assets.
As a corporation that was created as a key stabilizing and re-vitalizing tool aimed at reviving the financial system by efficiently resolving the non-performing loan assets of the banks in the Nigerian economy, AMCON has acquired Non-Performing Loans (NPLS) of various Eligible Financial Institutions (EFIs) in three different phases with the top 5 EFIs representing 58.18% of all purchased EBAs. A total of the summary of number of loans acquired stands at 12,537 placing the percentage of AMCON portfolios at 100.
It is important to analyse that based on the categorization of loans by their sizes by the Loan Management Team, loans that are over N10b are referred to as strategic and the percentage of strategic loans stands at 40% of a total of 100% with the three remaining categories scrambling for the 60%, thereby making the strategic loans the greatest percentage of AMCON portfolio.
One can but only imagine if AMCON was not in place what would have become of Nigerian economy. Even as it is in place, one cannot claim that the Nigerian economy is standing with her two legs. This is because, Non-Performing Loans (NPL) reduces banks liquidity, credit expansion, slow down the growth of the real sector with the direct consequences on the performance of banks and the economy as a whole (Abata, M.A 2015).
AMCON under the leadership of Ahmed Kuru has clearly demonstrated that there is no sacred cow to be spared in the quest of stabilizing the Nigerian economy. Many prominent Nigerians have had their asset taken over by AMCON. For example, Ben Murray-Bruce as a serving senator came under the sledge hammer of AMCON in 2017, and in that same year, AMCON purchased nearly N100billion debt of capital oil and Gas owned by Ifeanyi Ubah from several commercial banks.
It is sad to note that there are over 400 obligors of AMCON that accounts for more than N4.5 trillion which is approximately 80 percent of the total outstanding loan balance of the corporation’s over twelve thousand accounts with obligors that have become recalcitrant overtime despite obvious efforts of the corporation.
There is an urgent need to listen to the counsel of Hon. Sir Jones Chukwudi Onyereri, then Chairman, Banking and Currency of the House of Representatives that “… for all institutions that want to see Nigeria get out of the current economic situation in the country to support the effort of the Asset Management Corporation of Nigeria (AMCON) to resolve the huge debt it carries insisting that its resolution was capable of rebounding the economy”.
Similarly, as a way of helping to navigate the country out of recession, a two-time former Attorney General of the Federation and Minister of Justice, Chief Kanu Godwin Agabi SAN had also called on judges in the country especially the ones that handle cases concerning the Asset Management Corporation of Nigeria (AMCON) and its debtors to pile pressure on the obligors to repay the huge debts, which he said was capable of revitalising the economy if recovered.
It is also apt to adopt one of the recommendations of a study carried out by Abata in 2015 which “recommends that AMCON should be professionally managed, have skilled resource base and devoid of political interference. Adequate funding should also be provided while overhauling the country’s bankruptcy and foreclosure laws. There should also be a robust information and management systems, and transparency in operations and processes. As noted by Klingebel (2000), “in the Philippines and Mexico, the success of the AMCs was doomed from the start as governments transferred large amount of loans that had initially been extended by the originating banks based on political connections and/or fraudulent assets to the AMCs which are difficult to be resolved or to be sold off by a government agency. Both of these agencies did not succeed in achieving their narrow objectives.”
As Ahmed Kuru settles down for a second term of five years in office, he should be aware that he carries a burden of proving once again that he is a square peg fixed in square hole and must sustain the stabilization of the Nigerian economy so as not to betray the trust the president has in him.
Solomon Semaka, a public affairs commentator writes from Abuja.
News
N10bn Alleged Loot: EFCC Probes SGF Akume’s PA ,Torhile Uchi

Indications emerged that the personal Assistant to the Secretary to the Government of the Federation, SGF Senator George Akume, Hon. Andrew Torhile Uchi, is currently in the facility of the Economic and Financial Crimes Commission, EFCC over allegations bordering on corruption, bribery and money laundering amounting to a whooping N10 billion.
A highly placed source at the Commission yesterday, confirmed to our correspondent that the embattled Uchi was invited by the operatives of the Commission on Monday, upon a petition received by the anti-graft agency over Alleged properties he acquired in Abuja, Jos, Makurdi, Gboko and Wannune in Tarka, local government Area of Benue State amounting to over N6 billion.
According to the source, further investigations so far, has revealed that between December 2023 to date the anti-graft agency has been able to trace a whooping N1.6 billion that was allegedly used in buying purch cars through four new generations banks to nine car dealers in Abuja, Kaduna, Lagos, Jos and Makurdi respectively.
The source further added that two Bureau de change operatives are currently been investigated by the Commission, over their alleged involvement in the scam, owing that most of the funds credited to embattled Torhile Andrew Uchi, emanated from their coys.
He said that the Commission is currently working towards getting a court nod to widen the scope of their investigations to the properties in Abuja, Jos and other part of the country to ascertain the source of the income and how the properties were allegedly purchased.
As of the time of filing in this report Mr. Uchi, is still in custody of the Economic and Financial Crimes Commission, EFCC, telling the dreaded operatives of the Commission how he allegedly got the funds which is largely believed to be proceeds from bribes.
Efforts to reach the spokesman of the Commission, Mr Dele Oyewale, proved abortive as his phone lines was said to be switched off.
News
Natasha suspended solely for unruly behaviour – Senate tells IPU

The Nigerian Senate has formally responded to Senator Natasha Akpoti-Uduaghan’s complaint to the United Nations Inter-Parliamentary Union (IPU), refuting allegations that her suspension was linked to claims of sexual harassment.
According to Vanguard, Senator Natasha had petitioned the global body, seeking intervention over what she described as an injustice against her.
However, in a letter signed by Senate Leader Opeyemi Bamidele, the Senate insisted that her six-month suspension was due to “gross misconduct and unruly behavior”, not allegations of sexual harassment or assault.
The letter, read by Hon. Kafilat Ogbara, Chairperson of the House of Representatives Committee on Women Affairs and Social Development, stated:
“The authority of the Senate of the Federal Republic of Nigeria firmly refutes the deliberate misinformation and false narrative being circulated by certain media organisations regarding the six-month suspension of Senator Natasha-Akpoti-Uduaghan.”
It further emphasized that “Senator Uduaghan was suspended solely for her persistent act of misconduct and disregard for the Senate Standing Orders.”
Additionally, the Senate called for a thorough investigation into the allegations she raised against Senate President Godswill Akpabio, maintaining that all due procedures were followed before her suspension.
Senator Natasha, however, vowed to continue her fight against “injustice”. Meanwhile, Senate President Akpabio has denied the accusations, asserting that he has never assaulted any woman.
The dispute between the two lawmakers intensified on February 20, 2025, after Natasha’s seat was changed during plenary. Their tensions date back to July 2024, when Akpabio rebuked her for alleged misconduct, telling her the Senate was “not a nightclub where anybody can talk anyhow.” He later apologized for the remark.
News
Gov Okpebholo recalls Edo Attorney General, Osagie, from suspension

Edo State Governor, Senator Monday Okpebholo, has reinstated the Attorney General and Commissioner for Justice, Hon. Samson Osagie, exactly 37 days after his suspension.
A letter addressed to Osagie by the Secretary to the State Government (SSG), Umar Ikhilor, Esq., and marked SGA. 15/NOL.XV111/215, conveyed the governor’s directive. The letter, dated March 12, 2025, and released at 8:15 p.m., stated that an investigative panel had exonerated Osagie of alleged financial infractions.
The letter read: “Having considered the report of the Investigative Panel set up by Government to investigate allegations of financial infractions reported against you, which has exonerated you from the said allegations, I write to convey the directive of the Governor of Edo State, His Excellency, Senator Monday Okpebholo, that you resume duties as the State Hon. Attorney General and Commissioner for Justice with effect from 12th March, 2025.”
Reacting to his reinstatement, Osagie expressed appreciation for the governor’s leadership, describing the decision as a testament to Okpebholo’s sincerity and vision for Edo State.
“I appreciate his sincerity of purpose and vision for the state. This is a clear indication that His Excellency, Sen. Monday Okpebholo, means well for the state. I use this medium to reiterate my commitment and loyalty to him and his administration,” Osagie said.
He further pledged to support the governor in advancing Edo State, emphasizing his dedication to ensuring progress and recovery in the state’s governance.
-
News15 hours ago
N10bn Alleged Loot: EFCC Probes SGF Akume’s PA ,Torhile Uchi
-
Foreign13 hours ago
Small packages, big Momentum: how logistics reflects China’s economic strength
-
Foreign12 hours ago
China’s meteorological early warning solutions benefit the world
-
Foreign12 hours ago
China’s economic resilience: overcoming challenges, advancing with confidence
-
Foreign12 hours ago
High-quality Belt and Road cooperation create opportunities for global growth
-
Foreign11 hours ago
Chinese democracy in action:a village bench meeting shapes national law
-
Foreign11 hours ago
Chinese modernization: blueprint for global progress
-
Foreign11 hours ago
China’s new chapter in global innovation