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Senate confirms Bello, others as non-executive chairman, directors
By Adesuwa Tsan, Abuja
The chairman of the Senate Committee on Appropriations, Sen. Adeola Olamilekan, has called for an amendment of the law establishing the Asset Management Corporation of Nigeria (AMCON).
He said the amendment has become necessary considering that AMCON was not established to function as a permanent agency but had a timeline to operate and conclude its task.
The body was established by an Act of the National Assembly in July 2010 with an intended 10-year lifespan to act as the buyer of banks for the Nigerian Government by acquiring non-performing loans (NPLs).
Sen. Adeola noted that, years after, AMCON has continued to operate with an amendment to its establishment law and called on the relevant authorities to take necessary action on it.
“We have to look into the law setting up AMCON,” he stated, but added that he supports the confirmation of the nominees because there has to be a board in place to enable it to meet the reasons why it was established.
Meanwhile, the Senate has confirmed Dr Bala Bello as the part-time chairman of AMCON.
Apart from Bello, who is from the North East, the Senate also confirmed Yusuf Tegina Sule (North Central), Adeyemo Adeoye Stephen (South West), Yahaya Ibrahim (North West), Odion Charles Iyare (South South), and Emily Chidinma Osuji (South East) as non-executive directors.
Their confirmation followed the adoption of a report of the Senate Committee on Banking, Insurance and Other Financial Institutions on Wednesday in plenary.
Sen. Osita Izunaso, who presented the report on behalf of the chairman, Sen. Mikhail Adetokunbo, informed the Senate that the nominees were recommended for confirmation after certifying that they were qualified and fit to undertake the task.