By Emele Onu on August 31 2010

The Federal Government has appointed the Board of the Assets Management Corporation of Nigeria (AMCON). The Board is chaired by Mr Aliyu Belgore, while  Mr Mustapha Chike Obi is the Managing Director. It has three Executive Directors – Mr Howett Adegboyega, Muhammed Abbass Jega and Mofoluko Benedicta and a Non Exective Director, Ms Eniya Ambakaderemor.

The Board of AMCON was compiled by the Federal Ministry of Finance and the Central Bank of Nigeria (CBN) and forwarded to the Presidency, from where the list will be sent to the Senate for approval.  Belgore’s career in the public and private sector spans more than 31 years starting with New Nigeria Development Company (NNDC) where he started as Investment Executive until he subsequently became the Head of Investment.

He was at different times General Manager, Nigeria Leather Works, Kano;  Managing Director, Kaduna Textiles Limited, Assistant General Manager, Union Bank of Nigeria Merchant Bank Plc, Deputy Managing Director, Nigeria Merchant Bank Plc, a post which he held for a period of four years before retiring into active private business.He returned to active service when he was elected the Managing Director/Chief Executives of Savannah Bank of Nigeria Plc.He subsequently became the Chairman of the Board of Afribank Plc. In addition he was at various times a Director on the Boards of the following companies: Nigerian Stock Exchange, Bewac Limited, Arewa Hotels Limited, Nigerian Sugar Company, Cement Company of Northern Nigerian, Makeri Smelting Company, Jos and NAL Merchant Bank.

Mustapha Chike Obi, the son of the renowned professor of Mathematics, Chike Obi like his father made a first class in Mathematics at the University of Lagos. Before his appointment yesterday, he was the Managing Director of Fixed Income Group in New Jerky. He is a highly rated investment banker, having worked in Rear Streams and co. and Goldman as well as Chase Merchant Bank.

The AMCON bill was signed into law on July 19 this year to curtail the crisis of toxic assets in the banking sector, estimated at over N2 trillion. AMCON is expected to buy the non performing loans of the banks and by that cleans their books.The CBN Governor, Sanusi Lamido Sanusi, said AMCON  would give the apex bank the backing to affect the necessary clean up in the banking sector and restore confidence in the nation’s economy.

Experts said yesterday that with the appointment of the Board, AMCON would soon swing into action.The renowned economist and Managing Director of the Financial Derivatives Company, Bismarck Rewane, said AMCON will boost confidence in the banks’ balance sheets and the nation’s credit and risk ratings and also help restore confidence in the capital market.

Source:ThisDay