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Opinion

Ahmed Kuru: Changing the Narrative of AMCON

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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.

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Opinion

Aisha Yesufu Reacts to Soldiers’ Frustration Over Presidential Rewards to D’Tigress, Super Falcons

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By: Fabian Apechihin

Political activist Aisha Yesufu has raised concerns about growing discontent within the Nigerian military, following the federal government’s generous cash gifts to national female sports teams.

In a social media post, Yesufu disclosed that several soldiers had privately voiced frustration over what they perceive as the government’s continued neglect of their welfare, particularly when compared to the lavish rewards given to the Super Falcons and D’Tigress.

“I’ve seen a number of soldiers complaining about the $100,000 gift awarded to both the female football and basketball teams,” Yesufu wrote.

She directed her criticism at the National Security Adviser, Nuhu Ribadu, questioning whether any effort had been made to ensure President Bola Tinubu—whom she described as having “rigged office to become Commander-in-Chief”—had personally engaged with troops or taken steps to uplift their morale.

“Has Nuhu Ribadu thought it fit to ensure Mr. Tinubu speaks to the soldiers, visits them, or even sends a message to give them a reason not to feel disillusioned?” she asked.

Yesufu warned that continued neglect of the military’s welfare could have serious consequences for national security, suggesting that low morale could lead to dangerous outcomes, including potential sabotage from within.

On Monday, President Tinubu hosted the victorious D’Tigress team at the State House, rewarding each of the 12 players with $100,000 and the technical crew with $50,000. The team had recently claimed their fifth consecutive title at the 2025 FIBA Women’s AfroBasket Championship in Abidjan, Côte d’Ivoire.

Similarly, the President rewarded members of the Super Falcons with $100,000 and three-bedroom apartments each for winning the Women’s Africa Cup of Nations (WAFCON). Technical staff were given $50,000, and all players were also conferred with the national honour of the Order of the Niger (OON).

However, many Nigerian soldiers have taken to social media to express outrage, pointing out the stark contrast between the treatment of athletes and military personnel. They highlighted the dangers they face daily, often earning less than ₦100,000 per month, with some dying in combat just weeks after enlisting.

“Where did Nigerian soldiers go wrong?” one soldier asked online. “The Falcons played for one month and got ₦150 million and apartments. Meanwhile, some of us earn less than ₦100k, and senators take home more in a month than we will earn in 35 years.”


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Crime

The Arrested Benue 53: Critical Reflections

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By: Fabian Apechihin


For law-abiding Nigerians, there is some consolation in the announcement by Inspector-General of Police (IGP) Kayode Egbetokun that 53 individuals have been arrested in connection with acts of terrorism in Benue and Plateau States. Yet, this development raises more questions than it answers. It is telling—and troubling—that the Nigeria Police Force only sprang into action after President Bola Tinubu publicly demanded accountability during a visit to Benue, where over 200 people had been killed.

At Yelwata, the President pointedly asked the IGP, “Where are the arrests?” and insisted that “criminals must be arrested immediately.” Other security agencies were also indirectly rebuked and urged to enhance their intelligence-gathering and operational strategies to prevent future atrocities.

While Tinubu is the commander-in-chief, it is not his role to micromanage the police or military. He has broader responsibilities and should be able to rely on professionals to carry out their duties proactively. It is disheartening that law enforcement agencies, despite being constitutionally empowered and adequately resourced, waited for a presidential directive to act.

The Police Act clearly mandates the Force to prevent and detect crime, apprehend offenders, and maintain public order. That this mandate needed reinforcement from the President reveals an institutional failure. Still, now that some arrests have been made, Nigerians hope this isn’t just a performative gesture. The arrests must lead to thorough investigations and fair prosecutions—without scapegoating the innocent for the sake of optics.

Unfortunately, public confidence in the security apparatus is already worn thin. In January 2024, coordinated attacks in Bokkos and Barkin Ladi LGAs of Plateau State left over 150 dead—despite the presence of ‘Operation Safe Haven.’ No arrests were announced, perhaps because no high-level order demanded them.

Several past incidents feed into this scepticism:

  1. Lack of Political Will: Successive administrations have not decisively tackled terrorism. Statements condemning attacks are often vague or contradictory, and concrete action is rare.
  2. Unresolved Cases: After the June 2022 massacre of 40 worshippers at a Catholic church in Owo, the then Chief of Defence Staff claimed five suspects were arrested. But they were never presented to the public, and the case quietly faded from public discourse.
  3. Terror Financing: In March 2024, the federal government named 15 individuals as terrorism financiers. The law is clear on their prosecution, yet there’s been little public follow-up or accountability.
  4. Flawed Reintegration Programme: Rather than facing justice, many self-proclaimed repentant terrorists are admitted into the government’s ‘Operation Safe Corridor’ for rehabilitation. Over 800 such individuals have reportedly been processed, with some later reoffending or causing unrest in their communities, as lamented by 59 Borno district heads in April 2024.
  5. Complicity Within the System: Several leaders, including the Plateau and Borno State governors, have acknowledged the presence of informants and collaborators within the military, political circles, and even local communities. The current Chief of Defence Staff, General Christopher Musa, also suspects insider collusion in the pattern of attacks. The Tor Tiv, James Ayatse, described the Benue killings as a “calculated, full-scale genocidal invasion,” and Pope Leo IV called it “a terrible massacre.”
  6. Failed Negotiations: States like Kaduna and Katsina previously attempted to negotiate and pay off terrorists, only to face betrayal. While Northwest governors now claim they’ll refuse further negotiations, fulfilling that commitment may prove difficult given persistent infiltration and internal sabotage.

Terrorists are not invisible. They move in convoys, seize military installations, and even occupy towns—all in plain sight. With the technology and intelligence available today, their whereabouts should not be a mystery.

According to civil society reports, over 2,400 people were killed and nearly 1,900 kidnapped in just the first eight months of the Tinubu administration. Adding the more recent killings in Plateau, Benue, and other regions, the death toll is now in the thousands.

Nigeria is facing a grave existential threat. Yet, there seems to be a disturbing complacency among those entrusted with the nation’s security. Given the strong promises in the ‘Renewed Hope’ manifesto, the Tinubu government must do more than offer rhetoric. It must act.

The perpetrators of the Yelwata massacre—and others across the country—must be swiftly and transparently prosecuted under the Terrorism (Prevention) Act. Anything less will only reinforce the pattern of impunity that has plagued the country for years. Real accountability will send a message to terrorists—and reassure Nigerians that the cycle of inaction ends here.


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Opinion

The Changing Trajectory Of Governor Zulum’s Development Initiatives In Southern Borno

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By: A G Abubakar

The last outing by HE Professor Babagana Umara Zulum to Biu in Southern Borno, where multiple capital projects were either commissioned or initiated, signified a strategic shift towards inclusion and fair play. It was a masterstroke that had the potential to engender unity and balanced development in the region. This is aside improving the deteriorating political and ethno-religious relations and the concomitant mass discontent in the affected zone(s). Kudos to His Excellency!

The citizens’ hunger for development should be seen as a legitimate aspiration. And, meeting such expectations (reasonably) should naturally be the guiding principles of governance that successive administrations in the state seemed to have jettisoned. A development that has since created a feeling of distrust between the government and the governed in the zone. The people believe, and rightly too, that they have no other polity to call their own apart from Borno State and, as such, deserve to be treated fairly in its affairs.

Professor Zulum may be a “new convert” to this noble philosophy but he seems to have his hands on the right handles going by the strategic nature of the dividends of democracy (infrastructure) his government is extending across parts of the Borno South. And, the Professor-Governor seems to be doing this, not only with the needed expediency but in style too.

The governor inaugurated (commissioned) “a state-of-the-art eye and dental hospital as well as a mega secondary school in Miringa-Biu, Biu LGA” of the state. The eye hospital is a 40-bed ophthalmological care centre. “Similarly, the dental hospital will provide comprehensive oral health services including preventive care, orthodontics, and restorative treatments.” The Mega school in Miringa has the capacity to accommodate 1,300 students students. The school consists of 60 classrooms, 4 laboratories, and an ICT centre.

Apart from the executed projects in Biu, His Excellency ordered the construction of 5 new hospitals in the state, with two coming to Askira and Uba towns in Southern Borno. The others are Gubio, Mafa, and Dikwa. To boost MSMEs in the zone, the governor launched a billion naira (N1 billion) support fund for the initiative. Governor Zulum equally laid the foundation for the construction of 600 housing units across Biu, Hawul (Borno South),Gubio, and Magumeri, with a view to addressing the housing deficits in these communities.

Not long ago, the governor was at the forefront at saving the Nigeria Army University (NAUB), Biu. His administration equally facilitated the take-off of the Federation College of Education, Gwoza, as well as that of the Federal Orthopaedic Centre in Azare, Hawul LGA.

It is common knowledge that governance is about the management of aggregate interests. Interests that may, at times, be even conflicting. It is also about inclusion and equity.

For long, the powers that be in Borno have been perceived as lacking in terms of the sense of proportion, especially in the distribution of capital infrastructure across the state’s constituent parts. For nearly two decades, capital projects have been domiciled in Maiduguri, the seat of government.

Mega schools, tertiary institutions, hospitals, urban renewable schemes (overhead bridges, mass transit systems, etc), support to MSMEs, have all been concentrated in Maiduguri.Thus, turning the polity into a one city-state that left the northern and southern Borno enclaves out. The former is due to the Boko Haram/ISWAP insurgency campaigns in the region, while the latter may not be unconnected with Nigeria’s zero-sum geopolitics underpinned by the tyranny of number.

The state of things, however, seems to be changing for the good of all. Governance is becoming more responsive by exhibiting some modicum of fairness in state craftsmanship.The people need to reciprocate the positive gesture. Trust is crucial in governance, though it has to be earned. The recent action by the government also needs to be sustained in order to maintain public trust.

Like Oliver Twist, the central character in Charles Dickens’ seminal work (1838) of the same title, the people are yearning for more. They wish to remind the Borno State government that the Biu Dam is still uncompleted after almost 40 years! The Damboa to Biu highway, as well as the Damaturu-Biu- Garkida road, need the government’s intervention, too. The poor state of the roads have rendered large chunks of the state a safe haven for Boko Haram/ISWAP. Mobility is a critical factor in prosecuting wars and in securing public support as well.

Apart from the major highways, the Borno State government initiated a rural road development programme to boost economic activities, especially agriculture and commerce. Gunda communities in Biu LGAs and some others in Chibok, Askira/Uba, etc, were identified, and work commenced. Two years down the line, nothing has been done, leaving the affected communities frustrated as they see their hopes gradually getting dashed. For some inexplicable reasons, the Miringa-Garubula-Gunda, feeder road with a possible extension to the border towns of Galabinda and Tattaba, basically remains abandoned.

The State College of Agriculture, Damboa, is still being housed in Maiduguri, the state capital. Attempts should be made to move it to its permanent site after almost three decades. Not forgetting the need to facilitate the return of thousands of Borno citizens pushed into refugee camps in neighbouring Cameroon and Niger.The government’s credibility is at stake with regard to these issues.

The people of Borno South salute the governor, His Excellency, Professor Zulum, for the commendable paradigm shift. May it be a sustainable one.
A.G.Abubakar agbarewa@gmail.com

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