In compliance with the amendment of the Asset Management Corporation Act(AMCON), President Muhammadu Buhari on Tuesday named Mr Edward Adamu, a deputy governor at the Central Bank of Nigeria, CBN as the head of the corporation.
Adamu takes over from Dr Muiz Banire, SAN. The replacement was contained in a letter forwarded to Nigerian Senate on Tuesday.
In the letter, the President named Edward Adamu as the new chairman.
Banire was appointed chairman of AMCON by President Buhari in July 2018 and confirmed by the Senate in October 2018.
The replacement was sequel 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.”
