REVEALED: Buhari’s AMCON appointments illegal

REVEALED: Buhari’s AMCON appointments illegal
August 20
14:06 2015

Tuesday’s appointments into the board of the Asset Management Company of Nigeria (AMCON) by President Muhammadu Buhari violated the law, TheCable can report.

Buhari appointed Ahmed Lawan Kuru as the managing director and named Kola Ayeye, Eberechukwu Uneze and Aminu Ismail as the executive directors following the expiration of the five-year tenure of the previous board.

Their appointments took “immediate effect”, according to a statement from the president’s office.

However, section 10 (1) of the AMCON Act 2010 stipulates that the board shall be appointed by the president “subject to the confirmation of the Senate”.

The president did not send their names to the senate for confirmation as stipulated in the law.

TheCable understands that the head of service, Danladi Kifasi, has been informed of the anomaly which he is now trying to rectify.

The senate has adjourned till September 29 but it can be recalled to confirm the nominees.

There is yet another contravention as section 10 (1) (c) of the AMCON Act stipulates that the board “shall consist of 3 Executive Directors who shall be nominated by the Central Bank of Nigeria in consultation with the Minister”.

The minister is identified as that of the federal ministry of finance in section 10 (1) (a).

But there is no minister of finance as Buhari is yet to constitute his cabinet since his inauguration in May — an indication that no minister was involved in the process as stipulated by law.

The appointment of the new MD may pass the scrutiny in this regard as he is only to be recommended by the central bank, according to section 10 (1) (b) which says “a Managing Director [shall be] nominated by the Central Bank of Nigeria”.

The part-time chairman has not been appointed. Other vacancies yet to be filled are the five non-executive directors, two of whom are to be nominated by the federal ministry of finance, two by the central bank and one by the Nigeria Deposit Insurance Corporation (NDIC).

Responding to a question from TheCable, Femi Adesina, presidential spokesman, said the noticed anomalies are being corrected.

It is believed that the procedural errors might have been caused by the fact that the attorney general and secretary to the government of the federation are yet to be appointed.


WHATSAPP 08113975334
TWITTER @thecableng
Copyright 2020 TheCable. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheCable.

Social Comments


  1. Ebubedike
    Ebubedike August 20, 14:16

    Nigeria’s dictator, Sole Administrator Bokohari, is used to beating the law. He has been fooling the nation and trampling on its laws since 1962.

    Reply to this comment
    • Datti
      Datti August 21, 20:03

      Unfortunately, nothing illegal here until they stay beyond 6 months without senate confirmation. These appointments are in ‘acting’capacity. Check the appointments of the service chiefs

      Reply to this comment
  2. Banana
    Banana August 20, 15:12

    I am laughing at this president who has lost touch with reality. misfiring at every turn. how can someone called a president goof by firing an MD of AMCON without checking what the law says in the 21st century.

    Reply to this comment
    • Teacher
      Teacher August 20, 15:39

      Please laugh at yourself first for reading and not understanding. Buhari didn’t fire the AMCON MD, rather their tenure expired. Its clearly written

      Reply to this comment
    • Apple
      Apple August 20, 19:54

      Mr Banana, that name suits you well. The text is quite clear, The term of the Present Board Expired. No talk of sack. People like us who have seen blunders at its biggest volume in the last eight years know better. Which appointment did Jona get right. Ordinary changing University name never materialised.

      Reply to this comment
    • Oba
      Oba August 21, 08:54

      Banana – did you attend any school or taught at home

      Reply to this comment
  3. Dan Nigeria
    Dan Nigeria August 20, 16:06

    The weakest link in the system is the Civil Service. It is the same Civil Service that PMB and his managers are relying on to run this administration. Gaffes such as these are inexcusable and raise more worrying issues on what else is going wrong. Someone needs to save the President (and the country) to deliver the change we presumably voted for before all the goodwill is squandered. There is something called good governance which Nigerians have been yearning for.

    Reply to this comment
    • Eddy
      Eddy August 20, 16:18

      Thanks Dan. I love your perspective.

      Reply to this comment
    • Sagir
      Sagir August 20, 16:35

      The goodwill is intact, after all he never enjoyed any from people like u, so nothing has changed, u guys pray for his failure and am damn sure u are gonna get disappointed big time!

      Reply to this comment
      • Toleleuk
        Toleleuk August 20, 23:16

        Yes, you are damn right they’ll be disappointed. 1st disappointment, they did not expect he’ll win as our President… He did… Thank God… Next, fixing Nigeria… Tough but achievable.

        Mr. President, we are right behind you. Our goodwill is intact for you & your administration. Our prayers also to disappoint your Detractors.

        Reply to this comment
      • Dan Nigeria
        Dan Nigeria August 20, 23:41

        I like to read people’s views but I hardly want to get into exchanges with contributors. I believe that people are entitled even to wrong views. In the same vein, I believe that supporting the government in power is the obligation of every citizen; it is not optional. Part of that obligation is suggesting areas of improvement and pointing out things that are clearly not good.

        It is in our interest and in the interest of the country that PMB delivers. It is in our interest that we utilize the best human resources that we have to manage our country. I repeat the assertion that the Civil Service is the weakest link in the chain and cannot not be relied on to deliver optimal performance. I add that the Civil Service inevitably requires reform. I believe PMB with his team knows this, and will get to it.

        In the meantime, yes there is something called good governance which we presumably voted for. That includes, but is not restricted to, security of lives and property, regular power supply, putting in place a robust framework to fight corruption (emphasis: robust framework), stemming the tides of inflation and sporadic exchange rate movements. Of course, the government knows these more than anyone, given the level of information that must be at the disposal of its officials.

        For those who have forgotten, part of what we presumably voted for is ‘hitting the ground running’. As far as it goes, the government is yet to start walking, not to talk of running, partly because there are voids most of which are self-imposed. Systems and process experts know that at best, voids create sub-optimality, something we scarcely can afford at this time.

        Did PMB cause the problems? No. Is he obliged to address them? Yes. It is within our right to demand that after hiring him as President on his third or fourth application.

        Let me expand by saying that there are serious issues ahead. China just devalued its currency. American dollar is getting stronger. The Euro will likely follow once ‘Greek questions’ are answered. Iran’s oil will soon hit the market. The revenue side of our government will be seriously tested with low oil prices expected to go even lower. The first of Japan’s nuclear plants has been restarted, and more may follow, with possible impact on Nigeria’s LNG sale, compounding an already confounded situation. The fiscal/tax framework is so weak it will take years to re-engineer it and make it the number revenue earner for the Federal government, something that must be done for sustainable development.

        The bottom line is that we need to come together and tackle our challenges. That typically requires the government taking the lead, even more so in Nigeria!

        Reply to this comment
        • Chi
          Chi August 21, 20:14

          U have absolutely nailed it, we should be objective in our opinion which u have clearly demonstrated. Our leaders need to get their thinking cap on, we need serious economic framework and set the ball rolling, it is not time for fault finding or blame game… The election is over, now it is time to work.

          Reply to this comment
      • Chidebelu
        Chidebelu August 21, 13:27

        You are decidedly pedestrian in outlook; that is why you cannot see that Dan’s comments are perhaps the most balanced and reasonable so far. We need to up our thinking if we really want to build this country. IMPROVE YOUR REASONING!

        Reply to this comment
    AKINOLA MUIZ August 20, 16:39

    The bait that all appointments will be based on merit is nothing but a huge charade where a strange new school of thought says that merit is only from a section of a country.Change indeed!

    Reply to this comment
  5. Yippies
    Yippies August 20, 17:11

    First of all lets thank THECABLE for checking that out, we need quality news like this, if not i wouldn’t have known this where i check 4 true news first b4 i go 2 the other “entertaining” news sites

    Reply to this comment
    • IBETO
      IBETO August 20, 18:52

      Very true bro. I rely on the cable for all news in Nigeria before I broadcast. Integrity is found in their reports.

      Reply to this comment
  6. DL
    DL August 20, 18:28

    Its all in line with Buharis style of governance.
    we remain observant.

    Reply to this comment
  7. Jakadiya
    Jakadiya August 20, 18:41

    Let us wait and see whether the error shall be corrected before we pass judgement.

    Reply to this comment
    • endybolt
      endybolt August 21, 08:51

      This error is so elementary and fundamental that it ought not to have been made in the first place.It implies that government is not playing by the rule of law.It is the rule of law that separates democracy from arbitrary rule.

      Reply to this comment
  8. wastas
    wastas August 20, 19:22

    This is why the office of SGF and chief of staff is key,they would have noticed this error and do the needful,the head of service supposed to have checked the act establishing AMCON before going to press.

    Reply to this comment
  9. oakman
    oakman August 20, 20:10

    The President is fooling himself does he think that he is operating one man show,don’t he know that this is Democratic government were everything has or pass a due process before decisions are taken…..pls SGF should do his job and redirect Buhari.

    Reply to this comment
  10. Atuzy
    Atuzy August 20, 20:49

    I can’t believe this blonders from the……. This is why the dollar kept on skyrocketing because of lack of fiscal policies to backup the monetary policies by the C.B.N. Hmmmmmmmmmm…..Mr. Merits for the North!

    Reply to this comment
  11. Bukola Ajisola
    Bukola Ajisola August 21, 09:01

    Buhari deserves the latitude of learning the democratic robe even though the source of this error of omission and a few other ones must be properly situated and mitigated.It shows somebody in this cabinet is perfunctory in his duty.Be that as it may without prejudice to the right of critics to a divergent connoisseurs Buhari has done exceedingly well in less than four months.It’s our patriotic duty to support him and recover the nation from the cliffhanger of renegades whose paradigm of governance is to pillage,loot and incapacitate the country.God bless Nigeria.

    Reply to this comment
  12. kfo
    kfo August 21, 10:30

    Did I hear someone called him Dauradullard? LOL

    Reply to this comment
  13. kenzo
    kenzo August 21, 13:35

    i beg to disagree,that no AGF or Secretary to the federation may’ve being what lead to the lapses.a president of any country shld know what the laws says before taken any action.this is a blunder and Nigerians shldn’t be surprised when more happens.Thanks

    Reply to this comment
  14. Okey
    Okey August 21, 16:25

    Baba- go- slow is old. You don’t increase his problem by expecting him to read what the law says on matters, after all, booko is haram. He needs the assistance of ministers.

    Reply to this comment
  15. mandela
    mandela August 21, 22:42

    Your comment..thank you thecable since i discover this site i have no problem getting collect information by the way we are in the era of change if the appointment is made by error it is also part of the change

    Reply to this comment

Write a Comment

Your email address will not be published.
Required fields are marked *



Exchange Rates

January 02, 2019USDGBPEUR
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.