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AMCON: Real reason why Banire was replaced as chairman

Alao Abiodun

President Muhammadu Buhari on Tuesday replaced Muiz Banire as the head of the Asset Management Corporation of Nigeria (AMCON).

This replacement was contained in a letter forwarded to Nigerian Senate on Tuesday.

In the letter, the President named Edward Adamu as the new chairman.

Read Also: 10 things to know about new AMCON Chairman, Edward Adamu

Banire was appointed chairman of AMCON by President Buhari in July 2018 and confirmed by the Senate in October 2018.

Banire’s replacement is believed to be connected to the amended AMCON Act.

Recall that the Senate had in August passed a bill that seeks to amend the AMCON Act.

President Muhammadu Buhari signed the bill into law on 7th August 2019.

The amended section 10 of the Act stipulates that there shall be “a part-time chairman who shall be a Deputy Governor in the Central Bank of Nigeria to be nominated by the Central Bank of Nigeria.”

The AMCON Act also amended the 2010 establishment Act by increasing the powers of the Corporation to recover debts owed to legacy banks.

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