A
abujagirl
Guest
President Muhammadu Buhari did not follow due process in the appointment of a new executive management team for the Asset Management Corporation of Nigeria (AMCON).
According to THIS DAY, Buhari overlooked the statutory requirement of seeking the Senate’s confirmation for his nominees before they can become substantive appointees. The president was also expected to have consulted with the Federal Ministry of Finance and Central Bank of Nigeria (CBN), which by virtue of their ownership of 50 per cent each in AMCON, are statutorily required to nominate the executive management team and forward their recommendations to the president.
AMCON Act 2010 stipulates that such appointments by the president shall be subject to the confirmation of the Senate. Specifically, Section 10 (1) of the AMCON Act, 2010, states:
“The board shall consist of the following members to be appointed by the president subject to the confirmation of the Senate:
“(a) A part-time Chairman who shall be a nominee of the Federal Ministry of Finance in consultation with the Minister.
“(b) A Managing Director who shall be the Chief Executive Officer of the corporation nominated by the Central Bank of Nigeria (CBN).
“(c) Three Executive Directors, who shall be nominated by the CBN in consultation with the Minister; and
“(d) Five other non-Executive Directors, two to be nominated by the Federal Ministry of Finance, two by the CBN and one by the Nigeria Deposit Insurance Corporation (NDIC).”
According to THIS DAY, Buhari overlooked the statutory requirement of seeking the Senate’s confirmation for his nominees before they can become substantive appointees. The president was also expected to have consulted with the Federal Ministry of Finance and Central Bank of Nigeria (CBN), which by virtue of their ownership of 50 per cent each in AMCON, are statutorily required to nominate the executive management team and forward their recommendations to the president.
AMCON Act 2010 stipulates that such appointments by the president shall be subject to the confirmation of the Senate. Specifically, Section 10 (1) of the AMCON Act, 2010, states:
“The board shall consist of the following members to be appointed by the president subject to the confirmation of the Senate:
“(a) A part-time Chairman who shall be a nominee of the Federal Ministry of Finance in consultation with the Minister.
“(b) A Managing Director who shall be the Chief Executive Officer of the corporation nominated by the Central Bank of Nigeria (CBN).
“(c) Three Executive Directors, who shall be nominated by the CBN in consultation with the Minister; and
“(d) Five other non-Executive Directors, two to be nominated by the Federal Ministry of Finance, two by the CBN and one by the Nigeria Deposit Insurance Corporation (NDIC).”
