Opinion
Ahmed Kuru: Changing the Narrative of AMCON
By Solomon Semaka.
For the avoidance of doubt, AMCON is an acronym for Asset Management Corporation of Nigeria. AMCON is a statutory body created by an Act of the National Assembly. The bill which created the body was signed into law by President Goodluck Jonathan on Monday, July 19, 2010.
According to a press release that was signed by M.M. Abdullahi, Head, Corporate Communications of Central Bank of Nigeria quoted President Jonathan thus; “the establishment of AMCON is a reflection of the Government’s commitment to safeguard the interests of depositors, creditors, and other stakeholders in the Nigerian financial system and in doing so rejuvenate the domestic economy.”
Though the Act has undergone amendments and the latest was signed into law by President Muhammadu Buhari in August 2019. The new AMCON Act has increased the powers of the corporation to recover debts owed to legacy banks.
Abata, Matthew Adeolu of the Department of Accounting, Lagos State University, Ojo in a paper in Global Journal of Contemporary Research in Accounting, Auditing and Business Ethics (GJCRA) An Online International Research Journal (ISSN: 2311-3162) 2015 Vol: 1 Issue 2 282 www.globalbizresearch.org with the title “Impact of Asset Management Corporation of Nigeria (AMCON) On the Securitisation in the Nigerian Banking Sector” has traced the necessitating factors of the establishment of AMCON to include the accumulation of non-performing loans (NPLS) of some Nigerian deposit banks, and governmental approach towards resolving these threats to banking industry performance and economic stability. Summarily, Abata has argued that “the rationale behind the establishment of AMCON is for the corporation to purchase the toxic assets from the banks and after the purchase the banks will have “clean” balance sheet.”
It is interesting to note that AMCON was a part of a grand strategy of the Central Bank of Nigeria during the Banking Sector stabilization process that begun in August 2009. At that time, after a special audit by the Central Bank of Nigeria and the Nigeria Deposit Insurance Commission (NDIC) of banks in Nigeria, nine banks were discovered to be thoroughly distressed, below minimum capital requirements and were heading toward bankruptcy – this is a part from the mountain of accumulated non-performing loans.
Therefore, the foregoing is an explanation that the establishment of AMCON was like a stitch in time which serves nine. The establishment now under Ahmed Lawan Kuru as the Chief Executive Officer and Managing Director who was re-appointed by President Muhammadu Buhari for a second term in office and confirmed by the senate of the Federal Republic of Nigeria in December 2020 has continue to work assiduously towards the stabilization of the Nigerian economy.
Under the watchful eyes of Kuru as the CEO/MD of AMCON, as of August 2020, Kuru appearing before a technical session of the senate committee on Banking Insurance and other Financial Institutions in Abuja revealed that the total Assets Under Management (AUM) was N136.73 billion and N112.03 billion worth of propriety assets.
As a corporation that was created as 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, AMCON has acquired Non-Performing Loans (NPLS) of various Eligible Financial Institutions (EFIs) in three different phases with the top 5 EFIs representing 58.18% of all purchased EBAs. A total of the summary of number of loans acquired stands at 12,537 placing the percentage of AMCON portfolios at 100.
It is important to analyse that based on the categorization of loans by their sizes by the Loan Management Team, loans that are over N10b are referred to as strategic and the percentage of strategic loans stands at 40% of a total of 100% with the three remaining categories scrambling for the 60%, thereby making the strategic loans the greatest percentage of AMCON portfolio.
One can but only imagine if AMCON was not in place what would have become of Nigerian economy. Even as it is in place, one cannot claim that the Nigerian economy is standing with her two legs. This is because, Non-Performing Loans (NPL) reduces banks liquidity, credit expansion, slow down the growth of the real sector with the direct consequences on the performance of banks and the economy as a whole (Abata, M.A 2015).
AMCON under the leadership of Ahmed Kuru has clearly demonstrated that there is no sacred cow to be spared in the quest of stabilizing the Nigerian economy. Many prominent Nigerians have had their asset taken over by AMCON. For example, Ben Murray-Bruce as a serving senator came under the sledge hammer of AMCON in 2017, and in that same year, AMCON purchased nearly N100billion debt of capital oil and Gas owned by Ifeanyi Ubah from several commercial banks.
It is sad to note that there are over 400 obligors of AMCON that accounts for more than N4.5 trillion which is approximately 80 percent of the total outstanding loan balance of the corporation’s over twelve thousand accounts with obligors that have become recalcitrant overtime despite obvious efforts of the corporation.
There is an urgent need to listen to the counsel of Hon. Sir Jones Chukwudi Onyereri, then Chairman, Banking and Currency of the House of Representatives that “… for all institutions that want to see Nigeria get out of the current economic situation in the country to support the effort of the Asset Management Corporation of Nigeria (AMCON) to resolve the huge debt it carries insisting that its resolution was capable of rebounding the economy”.
Similarly, as a way of helping to navigate the country out of recession, a two-time former Attorney General of the Federation and Minister of Justice, Chief Kanu Godwin Agabi SAN had also called on judges in the country especially the ones that handle cases concerning the Asset Management Corporation of Nigeria (AMCON) and its debtors to pile pressure on the obligors to repay the huge debts, which he said was capable of revitalising the economy if recovered.
It is also apt to adopt one of the recommendations of a study carried out by Abata in 2015 which “recommends that AMCON should be professionally managed, have skilled resource base and devoid of political interference. Adequate funding should also be provided while overhauling the country’s bankruptcy and foreclosure laws. There should also be a robust information and management systems, and transparency in operations and processes. As noted by Klingebel (2000), “in the Philippines and Mexico, the success of the AMCs was doomed from the start as governments transferred large amount of loans that had initially been extended by the originating banks based on political connections and/or fraudulent assets to the AMCs which are difficult to be resolved or to be sold off by a government agency. Both of these agencies did not succeed in achieving their narrow objectives.”
As Ahmed Kuru settles down for a second term of five years in office, he should be aware that he carries a burden of proving once again that he is a square peg fixed in square hole and must sustain the stabilization of the Nigerian economy so as not to betray the trust the president has in him.
Solomon Semaka, a public affairs commentator writes from Abuja.
Opinion
OF GOVERNANCE AND THE ZULUMFICATION OF GOVERNANCE IN BORNO: RANDOM MUSSINGS ON GOV. ZULUM’S 3RD YEAR 2ND STANZA.
By: Inuwa Bwala. inuwabwala3@gmail.com
By the time I put down my pen, the media space would have been awash with narratives about the achievements of Mr President and governors, as a mark of celeberation of their third year in office.
I will not bother chronicling what will be told of their achievements, rather I want to look into the curious magic wand that made my own governor to stand differently tall.
One will not find the definition of title coinage for this piece in any conventional English lexicon, but no Nigerian will claim ignorance of what it signifies in our present governance discourse.
Many words have today been personified after certain people, who popularize an idiosyncritic mannerism.
And so, in Borno’s 15-year war against insurgency, Governor Babagana Umara Zulum seem to have chosen an unconventional playbook: governance style, reminisceint of an emergency doctor, not a distant administrator, which led to above coinage.
Three idiosyncrasies define his second term in particular, and the gains are showing on the ground to the effect that, these idiosyncracies gave rise to the coinage: Zulumfication.
Zulum’s trademark has been his unannounced visits; 2am checks on General Hospitals, surprise trips to IDP camps in Monguno, Baga, Damboa and others. Sudden stops on bad roads in Gwoza and unsheduled night overs in dangerous localities, as his routine.
He inspects projects with torchlight and asks hard questions: sometimes sacking absentee staff on the spot.
And the gains have added speed and discipline to government Contracts and civil servants.
They promptly deliver, knowing Zulum could appear any day any time.
This obviously explains how, 238 projects got completed in year one of his second term and 1,195 projects in five years. That urgency earned Governor Babagana Umara Zulum the Nigeria Union of Journalist’s Good Governance Award on Education in 2023.
And while Borno spent about N100bn on security in 2025, Zulum kept prioritizing people, with N727m going to 28,801 tertiary students. N1.5bn covered nursing students’ fees, besides the cash support reacheming 343,293 women.
His logic, has been that, “Education is the real antidote for insurgency. The payoff is human recovery.
Records indicate that, over 1,000 teachers were recruited, 150+ schools rebuilt, and the 104 Mega School Initiative launched. And so, when President Tinubu commissioned three mega schools in Maiduguri in 2026, he called them “tangible evidence of effective governance.” Kids who once hawked on Maiduguri streets are back in class because opportunity replaced despair.
Again, Zulum is known to have zero tolerance for waste. He has queried commissioners live on TV, sacked ghost workers, and confronted contractors who abandoned sites. It nay be uncomfortable in politics, but it works. Borno scored 89.7/100 on the 2025 Governance Accountability & Transparency Index, up from 86.3 in 2024, ranking among Nigeria’s top 10. Ministries now expect scrutiny, and leakages have shrunk.
Zulum blends this with reconstruction plus reconciliation. While 20,000+ resettlement homes house over 1 million returned IDPs, his “Borno Model” has convinced 200,000+ fighters and families to surrender and got reintegrated. Markets in Bama, Dikwa and Gwoza are reopening. Roads are being rebuilt, though insecurity still stalls some projects in southern Borno.
He remains low-profiled but with very high-output, avoiding political noise and letting the work speak. The Muslim News Nigeria honored him with its 2025 Transformational Leadership Award for “courage, accountability, compassion.”
Perfection is not claimed. Pockets of violence persist, and security costs strain finances, but Zulum’s style proves a point
In a crisis situation, presence builds trust, empathy rebuilds people, and accountability restores institutions. Borno is moving from “state of emergency” to “state of reconstruction” — one unannounced visit produces uncommon results.
Thiese in my opinion are amingst the exceptional things governor Babagana Umara has done, which have given rise to his national acclaim as an outstanding performer.
Opinion
Aondoakaa, a Leader Who Opens Doors: My Personal Story of Chief Michael Kaase Aondoakaa, SAN
By Iorwuese Tyopev, PhD
Chief Michael Kaase Aondoakaa, SAN, is, in my experience, a transformational leader, and I can personally testify to this from years of direct engagement with him.
Although I initially knew him only casually as an elder brother from Ushongo, our relationship deepened when I approached him to patronise the business I managed as a hotel manager in Abuja. From that point, Siman Suites in Garki became his preferred accommodation whenever he was in the Federal Capital Territory.
Each time he was travelling to Abuja, his usual call would come: “Tyopev, my brother, please keep a room for me, I’m on my way.”
A defining moment in 2006
One of the most memorable moments in our relationship came in 2006 when he was conferred with the rank of Senior Advocate of Nigeria (SAN). For his swearing-in ceremony at the Supreme Court, he booked almost the entire hotel for family, friends, and well-wishers who travelled from far and near to celebrate with him.
Beyond the business value, his consistent patronage strengthened my professional standing at the time and positively influenced my performance evaluation at work.
Continued relationship in public service
Our relationship continued after his appointment as Attorney General of the Federation and Minister of Justice in July 2007 under the administration of President Umaru Musa Yar’Adua.
Coincidentally, around the same period, my late boss, Senator J.I. Akaagerger, was elected into office and invited me to serve as his Senior Legislative Aide at the National Assembly. Chief Aondoakaa also expressed interest in bringing me into the Ministry of Justice as an aide. Although I chose to remain with my principal at the National Assembly, he respected my decision and maintained a cordial, brotherly relationship with me.
Prison decongestion intervention
Shortly after assuming office as Minister, he launched a prison decongestion initiative. In September 2007, I submitted an application requesting allocation of prison decongestion cases. He immediately asked whether I had legal representation, and upon confirmation, he promptly assigned several cases to me.
That support continued throughout his tenure until 2010.
Career support and mentorship
By mid-2008, I expressed dissatisfaction with my role at the National Assembly. He advised patience and assured me of better opportunities.
True to his word, in January 2009, he informed me of an opportunity with Dr Paul Orhii, then Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), who agreed to engage me as Special Assistant.
Although I resumed duty, I was later informed—within 30 days—that my services were no longer required due to a change in preference. Chief Aondoakaa was abroad at the time, but upon his return, he reassured me, saying: “Don’t worry, another opportunity will come.”
New opportunity at NAPTIP
Shortly after, I was invited to his residence in Apo, where I met Barr. Simon Chuzi Egede, MON, who had just been appointed Executive Secretary of the National Agency for the Prohibition of Trafficking in Persons (NAPTIP).
There, I was informed that I would serve as Special Assistant to the new Executive Secretary.
In a remarkable turn of events, I received my appointment letter the next day as Special Assistant at Grade Level 16 Step 5, along with an official vehicle and chauffeur. I was also integrated into top management committees and exposed to both national and international engagements.
End of an era and lasting gratitude
Following the death of President Yar’Adua in 2010 and subsequent political changes, Chief Aondoakaa left office as Minister, which also affected my position at NAPTIP due to its political nature.
Looking back, I remain deeply grateful to Chief Michael Kaase Aondoakaa, SAN, for his loyalty, mentorship, and willingness to uplift others.
Some leaders inspire with words; others transform lives through action. Chief Aondoakaa, in my experience, belongs firmly to the latter category.
NB: This is Part 1 of a series of reflections on my personal experience with MKA, highlighting his mentorship and support to those around him, shared in anticipation of his birthday on June 12.
Opinion
Odua People’s Assembly defends NSA Ribadu, criticizes Ishola Williams’ call for removal
The Odua People’s Assembly (OPA) has come out in defense of National Security Adviser (NSA) Nuhu Ribadu, condemning recent remarks by retired Nigerian Army General Ishola Williams calling for Ribadu’s removal.
In a statement issued by OPA Chairman Richard Olatunji Kayode, the group described Williams’ comments, made during a Channels Television interview on March 15, 2026, as “irresponsible and counterproductive,” arguing that they lacked factual basis and risked undermining efforts to address Nigeria’s security challenges.
“His assertions lack factual support and are driven more by emotional manipulation than by evidence-based reasoning,” Kayode said. “Such rhetoric contributes to a culture of ‘permanent pessimism’ that undermines the morale of our security forces and the integrity of our national institutions.”
Kayode emphasized that irresponsible criticism, unlike constructive feedback, damages reputations, fosters mistrust, and distracts from meaningful solutions.
He urged that public discourse focus on actionable measures rather than unsubstantiated accusations.
The OPA highlighted Ribadu’s proactive initiatives, including the National Forest Guard programme, as well as his record as former Chairman of the Economic and Financial Crimes Commission (EFCC), where he gained recognition for anti-corruption efforts.
“Under the leadership of President Bola Ahmed Tinubu, Ribadu has been recognized for his effectiveness in combating banditry and terrorism. His ability to coordinate security forces and solve criminal cases demonstrates his competence and dedication to public safety,” Kayode said.
The group called on influential Nigerians to engage in responsible and constructive dialogue on national security issues, urging Williams to reconsider his position and contribute to solutions rather than criticism.
“Our collective responsibility is to foster an environment of trust, collaboration, and constructive criticism, ensuring that our security forces are equipped and supported to protect our great nation,” Kayode concluded.
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