It is no longer news that President Muhammadu Buhari has reappointed Ahmed Kuru as Managing Director of Asset Management Corporation of Nigeria (AMCON) for a final term of five years.
Ahmed Lawan Kuru’s immense contribution to the transformation of AMCOM has come in no small measure. A position he has held since August 2015, Kuru has redefined the Asset Management Corporation of Nigeria (AMCON) in its primary assignment of providing financial services to the Nation.
The corporation’s total assets under management (AUM) is currently at N136.73 billion, while the agency also has about N112.03 billion worth of proprietary assets. These are part of Kuru’s tremendous feats in office.Mr. Kuru holds the Bachelor of Science (BSc) and Masters Degrees in Business Administration from the Ahmadu Bello University (ABU), Zaria and is also an alumnus of the London Business School. He has attended many training and seminars across the globe including the High Impact Leadership at Columbia Business School, New York.
The Company under his leadership focuses on resolving the non-performing loan assets of the banks in the economy, serving customers in Nigeria.With head office in 417, Tigris Crescent, Maitama Off Aguiyi Ironsi Street Abuja Nigeria, Asset Management Corporation of Nigeria (AMCON) was established on the 19th July 2010, when the President of the Federal Republic of Nigeria signed the AMCON Act into Law.
AMCON was created to be 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.Kuru led leadership at AMCOM has ensured the Agency positively impacts and improves the economy of Nigeria by complementing the recapitalization of affected Nigerian banks; the Agency also provides an opportunity for banks to sell off Non Performing Loans(NPLs).
Aside from this, the Agency has succeeded in freeing up valuable resources and enabling banks to focus on their core activities and propelled the lending ideology in banks again.Kuru in the last five years has instilled core values of representing those central beliefs which guide the internal workings of the corporation in its staffers. They operate with strict rules of Professionalism, guided by Loyalty to the nation, Fairness/Equity and Excellent execution of duties.Realizing that the Commission needs the huge support from the judiciary and legislative, he has not stopped calling for this at any given opportunity. The Judiciary remains vital to the success of AMCON, Kuru’s leadership formed a strong bond with the Nigerian judiciary on the Commission’s debt recovery initiative.
There has been a call for speed in dispensing cases involving the Asset Management Corporation of Nigeria (AMCON) and its recalcitrant obligors that come before honorable courts in the country. Though, justice must be dispensed within the ambit of the law.Mr. Ahmed Kuru, Managing Director/Chief Executive Officer, AMCON has reiterated the fact that AMCON, which presently has piled-up legal issues in different courts with its obligors said non-collection of the debts, which is in the excess of N5trillion would have a negative effect on the national resources.
According to reports, Kuru was however appreciative of the Nigerian judiciary for sustaining the AMCON Task Force in the four divisions of the Court of Appeal to ensure a fast track of AMCON appeals. The AMCON Task force, an initiative of his administration, has worked with the Judiciary for National Development.
Presently AMCON owes more than N4trillion to the central Bank of Nigeria (CBN), which could even rise to almost N7trillion by 2024 at the current rate of inflation, which is why there is a dire need for all sister agencies of the Federal Government of Nigeria to join forces to ensure that the economic saboteurs who intend to cripple the banking sector before AMCON was set up are compelled to repay the humongous debt that is weighing down the Nigerian economy.Chief among its successes is seizure of assets belonging to Jimoh Ibrahim, Chairman of Global Fleet Group, over debts valued at N69.4 billion. A disclosure made in a statement by Jude Nwauzor, Head of Corporate Communication at AMCON. They also revealed that Mr. Ibrahim had some of his accounts frozen.
The Corporation revealed that a Federal High Court in Lagos gave the order to seize Mr. Ibrahim’s assets. AMCON’s debt recovery partner, Pinheiro Legal Partners, was responsible for seizing his assets after the order was given by Justice R.M. Aikawa.AMCON, who has been on its toes as regards this case, seized Ibrahim’s properties in Lagos and Abuja, including the NICON Investment Limited building, and NICON Hotels Limited building in Abuja, NICON Lekki Limited building, Abuja International Hotels Limited building, and many other residential and commercial properties in Lagos and Abuja.The Court granted AMCON the rights to freeze accounts belonging to businesses linked to Mr. Ibrahim including Global Fleet Oil & Gas Limited and NICON Investment Limited, and also possession of shares belonging to Mr. Ibrahim in Nigerian Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited (NSL), and NICON Trustees Limited.Another groundbreaking success was the judgement by Federal High Court, Judge A.M. Liman, in the suit between the Asset Management Corporation of Nigeria (AMCON) vs Everest Nominees Limited, and Dr. Bolaji Ogundare, a subsidiary of Pan Ocean Group, where the court ordered AMCON and its assignee to take over all the assets of the companies. Lagos-based oil and gas businessman, Dr. Festus Fadeyi, whose total indebtedness to AMCON is over N240 billion, is the promoter of Pan Ocean Group.
The court had also granted an order appointing AMCON as a Receiver Manager (in accordance with its 2019 Act as amended), and its designated human nominees (Kunle Ogunba Esq.) its privileges, and assigns over the assets of Pan Ocean, their corporate guarantors, cronies and cohorts to take over a number of its prime assets over some irreconcilable huge debt owed AMCON by Everest Nominees, Pan Ocean and their promoters as well as directors.Ahmed Kuru assumed office as the Managing Director and Chief Executive Officer of Asset Management Corporation of Nigeria (AMCON) in August 2015.
Prior to his appointment Mr. Kuru served as MD/CEO of the erstwhile Enterprise Bank Limited, one of the bridge banks established by the Central Bank of Nigeria, from 2011 to 2014. He led the initiative to restore stakeholders’ confidence in the bank and successfully returned the bank to profitability before it was acquired by Heritage Bank in 2014. Mr. Kuru brings into AMCON an extensive experience in banking and financial services garnered over 35 years. His work has earned him recognition in the financial sector as an astute banker and a change agent. He played a strategic role in the highly successful merger of Habib Bank and Platinum Bank to form one of Nigeria’s vibrant banking brands known as Bank PHB, which he nurtured to prominence before it was renamed Keystone Bank Limited, after its acquisition by AMCON. Ahmed Kuru was also the Executive Vice Chairman of Emeritus Capital Limited, a financial services firm, with a specialty in international business development focusing on sub-Saharan Africa. He has also renewed the call for legislative support to the corporation. According to a statement from the corporation, the Senate Committee met to review the impact of COVID-19 on AMCON policies and processes – with the view to reposition AMCON for optimal performance amidst the pandemic.He had called on the 9th Senate of the Federal Republic of Nigeria to pile pressure on some obligors through the Senate Committee on Banking Insurance and Other Financial Institutions under the leadership of Senator Uba Sani as Chairman.
Some of these obligors, AMCON says are very important members of the society and as distinguished senators, Mr. Kuru believes they have all it takes to intervene and even compel AMCON obligors to meet their obligation.Apart from these two aforementioned arms of government, AMCON also needs the support of relevant agencies and parastatals of government in compiling some of its obligations to meet their obligations.Now that the President of the Federal Republic of Nigeria has reappointed him, we can only wish him the best in office and pray for bigger successes.
