Nigeria: Buhari Sacks Banire As AMCON Chairman, Names Replacement

10 December 2019

President Muhammadu Buhari has replaced Muiz Banire as the head of the Asset Management Corporation of Nigeria (AMCON).

The president indicated this in a letter to the Nigerian Senate on Tuesday.

In the letter, the president named Edward Adamu as the new chairman of the country's bad debt management office.

He asked the Senate to confirm Mr Adamu's nomination.

Possible reason

Although the presidency did not give a reason for Mr 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 the Central Bank of Nigeria."

The development comes a day after the president replaced Tunde Fowler as the head of the Federal Inland Revenue Service, despite an appeal from Mr Fowler to be retained for a second term.

Mr Banire's removal comes about 17 months after he was appointed.

He was named the AMCON boss in July 2018 and was only confirmed in October of the same year.

Prior to his appointment as AMCON boss, Mr Banire, a lawyer, served as a national legal adviser for the All Progressives Congress (APC).

Mr Banire was suspended in 2017 by his ward-Ward C, Ilasamaja, Mushin, Lagos State for alleged anti-party activities during the 2017 local government elections in the state.

The national body of the party, however, overruled the suspension as it said only the National Executive Committee has the power to suspend a national officer.

Later that year, the ward summoned Mr Banire over alleged "anti-party activities and misappropriation of campaign materials and logistics" - an invitation he ignored.

As a result of his "battles", all three Lagos senators had rejected his nomination as AMCON chairman in 2018.

The new AMCON boss is expected to be confirmed by the Senate within the week.

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