Senate confirms Gbenga Alade AMCON MD, three others executive directors

19th March 2024

The Senate on Tuesday confirmed Mr Gbenga Alade as the new Managing Director/Chief Executive Officer Asset Management Company of Nigeria (AMCON).

The Red Chamber of the National Assembly also confirmed the trio of Mr Adeshola Lamidi, Mr Lucky Adaghe and Dr Aminu Mukhtar Dan’amu as Executive Directors. The four persons were recently nominated by President Bola Tinubu.  Alade is the former Managing Director of Guarantee Trust Bank (UK).

A statement by Jude Nwauzor, Head, Corporate Communications Department of AMCON, said the final confirmation at Tuesday’s plenary came after the screening exercise carried out by the Senate Committee on Banking, Insurance, and other Financial Institutions, chaired by Senator Tokunbo Abiru.

“The distinguished Senator told the Senate that the nominees were subjected to screening in line with parliamentary rules and were found competent to serve as Directors of Asset Management Corporation of Nigeria,” the statement read.

“He further noted that they all have ‘on the job’ experience, just as the nominees also complied with the Code of Conduct rules. Most importantly, Abiru added that no petition was raised in objection to their nominations.

“The plenary, which was presided by the Deputy Senate President, Jibrin Barau, dissolved into the ‘Committee of the Whole’ to consider each nominee based on their merit, after which they were confirmed through voice vote.”

President Tinubu nominated Alade in February to take over from Ahmed Lawan Kuru, whose tenure as the Managing Director/Chief Executive Officer of AMCON ought to run till 2025.

Kuru was first appointed in 2015 for a first tenure of five years and was in December 2020, reappointed by former President Muhammadu Buhari, for a second term that ought to end in 2025.

AMCON, a body established by the Act of the National Assembly of Nigeria in July 2010 with an intended 10 years lifespan, had the responsibility to acquire non-performing loans Nigerian banks and annex the underlying collateral, fill the remaining capital deficiency and receive equity and/or preferred shares in the affected banks as consideration.

In order to ensure liquidation of debts, AMCON has the power to apply to court by way of a motion ex parte (without notice to the debtor) for an order vesting it with the possession of the movable or immovable property of the debtor.