Nigeria: Banire Out As AMCON Gets New Chairman

11 December 2019

President Muhammadu Buhari Buhari has removed Muiz Banire as chairman of the Asset Management Corporation of Nigeria and replaced him with Edward Adamu, deputy governor, Corporate Services, Central Bank of Nigeria.

The president did not give any reason for removing Banire who was appointed last year.

However, sources said Banire was removed because the new AMCON Act stipulates that its chairman has to be a Deputy Governor of the CBN which Dr. Banire is not.

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"Banire was removed in order to correct the anomaly in line with what the law says," a source said.

Buhari, in a letter dated December 9, 2019, sought the Senate's confirmation for Adamu's appointment.

Buhari, in the letter read at plenary yesterday by Senate President Ahmad Lawan, said: "In accordance with Section 10(1) of the Asset Management Corporation of Nigeria Act, 2010, I hereby present Mr. Edward Lametek Adamu for confirmation as Chairman of the Asset Management Corporation of Nigeria by the Distinguished Senate.

"While hoping that this request will receive the usual expeditious consideration of the Senate, please accept, Distinguished Senate President, the assurances of my highest consideration."

Banire, a former National Legal Adviser of the All Progressives Congress, had, between 1999 and 2007, served as Special Adviser and Commissioner in the administration of former governor of Lagos State and national leader of the APC, Bola Ahmed Tinubu.

His removal came barely 24 hours after the president replaced Babatunde Fowler, another associate of Tinubu, with Muhammad Nami as chairman of the Federal Inland Revenue Service.

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