President Muhammadu Buhari, has appointed a Deputy Governor of Central Bank of Nigeria (CBN), Mr Edward Adamu, as the new Chairman of Asset Management Corporation of Nigeria (AMCON).

Adamu, replaces the erstwhile Chairman, Mr Muiz Banire who was appointed  in July 2018 and was only confirmed in October of the same year.

Adamu’s appointment was contained in a letter forwarded to the Senate and read by Senate President, Mr Ahmed Lawan, during Tuesday’s plenary.

Although the presidency did not give a reason for Banire’s removal in the letter, it is believed to be related to the amended AMCON Act.

The Senate had in August passed a bill that seeks to amend the AMCON Act. 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 Central Bank of Nigeria.’’

In the letter dated December 9, President Buhari urged members of the Red Chamber of the National Assembly to confirm Adamu’s appointment.

It read, “In accordance with Section 10(1) of the Asset Management Corporation of Nigeria (AMCON) Act, 2010, I hereby present Mr Edward Lametek Adamu for confirmation as Chairman of Asset Management Corporation of Nigeria by the Distinguished Senate.

Sun