September 28, 2010 by EMMA UCHE

President Goodluck Jonathan has set up a 10-man board for the Asset Management Corporation (AMCON), the state run ‘bad loan bank’, with Mr. Aliyu Kola Belgore and Mustapha Chike-Obi as Chairman and Managing Director respectively.

 

The corporation which was created in July by the Federal Government is expected to absorb non-performing loans from the books of nine Nigerian commercial banks which received N600 billion naira in bailout money from the state following the last global melt down.

 

Mustafa Chike-Obi is a former Goldman Sachs investment banker and son of Nigerian renowned mathematician, Professor Chike Edozien Umuezei Obi.

 

It is expected that after AMCON take over the bad loans, the banks which made provisions for more than $16 billion dollars in loan losses at the end of Q3 of last year, will be able to resume lending again.

 

In a letter to the Senate, the President also nominated the following, Hewet Adegboyega Benson (Executive Director), Abbas Muhammed (Executive Director), Dosunmu Mofoluke Benedicta (Executive Director), and five non-executive directors; Ms. Eniye Ambakaderemur, the Permanent Secretary, Federal Ministry of Finance, Deputy Governor, Financial System Stability (CBN), Director-General, Securities and Exchange Commission (ESC), and the Managing Director, Nigeria Deposit Insurance Corporation (NDIC).

 

The president told the senators that the constitution of the board was in compliance with Section 10 of AMCON Act, 2010.

Meanwhile, the President has also forwarded the names of the Chairman and 23 members of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) for confirmation by the Senate.

 

They are the following; Engr. Elias Nwalem Mbam, FNSE, (Chairman), Senator Chris Adighije (Abia), Senator Emmanuel Ibok Essien (Akwa Ibom), Mr. Ekweogwu Nnamdi Osita (Anambra), Hon. Aondona Simon Sylvanus Sengev (Benue), Chief Okeagu C. Ogada (Ebonyi), Chief Pius Akpabio (Edo), Popoola Afolabi (Ekiti), Umeh Christopher Odika (Enugu), Engr. Perez Danjuma Bussa (FCT), Amb. Saidu Mohammed, OON (re-appointment. Gombe), Alhaji Adamu Mohammed (Jigawa), Mr. Bulus James (Kaduna), Engr. Bala M. Borodo (Kano), Tukur Ahmed Jikamshi (Katsina).

 

Others are; Hon. Ignatius Amodu (re-appointment, Kogi), Alhaja Salamotu O. Gobir (Kwara), Amb. Subairu Dada (Niger), Olufunmilola A. Otegbola (Ogun), Otunba Oladeji Ariyibi. JP (re-appointment, Osun), Ademola Ayodeji Sina (Oyo), Mr. Yusuf Pam (Plateau), Alhaji Isa Geidam (re-appointment, Yobe) and Alhaji Muhammad Jabbi Maradun (Zamfara).

 

The President told the Senators that their appointment was in exercise of the powers conferred on him by Section 154(1) and 156(3) of the constitution of the Federal Republic of Nigeria, 1999.

 

Similarly, the President forwarded the name of Mr. Faruk Iya Sambo to replace Alhaji Musa Kwakwanso on the board of the Niger Delta Development Commission (NDDC).

 

(Source: The Will)