Lagos (investadvocate)- The Nigerian National Assembly today in Abuja Nigeria screened the Board of Asset Management Corporation (AMCON) nominated by the Ministry of Finance and the Central Bank of Nigeria (CBN).

 

Aliyu Belgore, Chairman designate of AMCON affirmed that the problem of toxic asset in Banks Balance Sheet was as a result of lack of corporate governance. “We got into this problem; because the supervision was lagged” he said.

 

On his part, Mustapha Obi, the Managing Director (MD) designate of AMCON affirmed that what happened in Nigeria in the review period was not unusual nor was it excessive compared to other countries of the world.

 

“It happened and people in their wisdom figured out the best way to resolve it. I believe the AMCON that Nigeria has designed has embodied all the good qualities found anywhere in the world” Obi said.

 

Among those screened were nominees for the position of Executive and No-Executive Directors.

 

Early September 2010, the AMCON Board nominated Aliyu Kola Belgore and Mustapha Chike Obi as Chairman and Managing Director respectively of AMCON. The board also has Howett Adegboyega, Muhammed Abbass Jega and Mofoluke Dosumu as Executive Directors (ED’s) and Eniya Ambakaderemor as Non-Executive Director.

  

AMCON is expected to acquire and manage non-performing Bank loans and dispose off assets acquired with Toxic loans to enable Banks function effectively.