Financial market stakeholders have expressed mixed reactions over the nominations for the chairman, managing director and executive directors of the Asset Management Corporation (AMCON) by the Ministry of Finance and the Central Bank of Nigeria (CBN).

 

While some applaud the nominees as credible people, others are of the view that some of them are too old in the system and should give the younger generation a chance to prove themselves.

 

The Federal Government had last week proposed nominations for the board of AMCON and sent the list to the National Assembly for approval.

 

Aliyu Belgore was nominated chairman with Mustapha Chike Obi as managing director. The board also has Howett Adegboyega, Muhammed Abbass Jega and Mofoluke Dosumu as executive directors and Eniya Ambakaderemor as non-executive director.

 

Okechukwu Unegbu, former president of the Chartered Institute of Bankers of Nigeria (CIBN), said although Belgore has vast experience in the industry to do the job, his appointment appears more like the usual re-cycling of old hands by government.

 

The retired banker said some of them who are old like himself, should be able to turn down certain appointments to give the younger people a chance to serve the nation as well.

 

He also criticized the appointment of Diaspora Nigerians (one of them is said to be a Nigerian living abroad) to the executive management since, according to him, they do not have a good understanding of the environment. To him, they could start from middle position.

 

 

Boniface Okezie, national coordinator of the Progressive Shareholders Association of Nigeria, disagreed with Unegbu, saying Belgore has the credibility to be chairman of the Asset Management Corporation.

 

Although he admitted knowing nothing about his style of management, Okezie is sure Belgore has the right credentials to do the job.

 

Similarly, Bismark Rewane, chief executive of Financial Derivatives Company Limited, said he knows Mustapha Chike Obi fairly well classifying him as a round peg in a round hole. “He has everything required to do the work creditably well, and I am sure Nigerians will not be disappointed in him”, he said.

 

Rewane had earlier said AMCON will boost confidence in banks’ balance sheet and the nation’s credit and risk ratings, as well as help restore confidence in the capital market.

 

Yakubu Adams, a stock broker, expressed doubt over the recruitment of Diaspora Nigerians to top management positions in the country.

 

However, he took solace in the fact that the Central Bank of Nigeria will be there to create a process that will help ensure things work.

Sonny Nwosu, national coordinator, Independent Shareholders Association of Nigeria, expressed doubt about Belgore’s suitability for the job.

 

Nwosu cited Belgore’s direct and indirect involvement in the running of three troubled institutions as general manager, managing director and chairman at Nigerian Merchant Bank, Savannah Bank and Afribank, respectively. 

 

Profiles Aliyu Belgore’s career in the public and private sectors spans more than 31 years starting with New Nigeria Development Company (NNDC) where he started as investment executive and later became the head of investment.

 

He was, at different times, general manager, Nigeria Leather Works, Kano; managing director, Kaduna Textiles Limited; assistant general manager, UBN Merchant Bank plc, and deputy managing director, Nigeria Merchant Bank plc, a post he held for four years before retiring into private business.

 

He returned to active service when he was appointed managing director/chief executive 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.

 

Mustafa Chike Obi, before his appointment, was the managing director of a closely knitted 10-man business – Madison Park Advisers LLC – an investment advisory firm specializing in investment consulting, brokering of fixed-income securities and some venture capital activities, located in New York City.

 

A first class graduate in Mathematics from the University of Lagos, Obi undertook further education at Stanford University and Stanford University Graduate School of Business. He was a vice president at a Goldman Sachs office between1984 and 1992.

 

Benedicta Mofoluke Dosumu is a professional banker with over 23 years experience in treasury and financial services, foreign operations, total quality management, and branch operations. She was the treasurer at First Bank of Nigeria plc before joining Oceanic Bank. She started her banking career with United Bank for Africa in 1985.

 

Source: Businessday