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Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times - Politics - Nairaland

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Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by nnamdibig(m): 4:33pm On Aug 19, 2015
The removal of the Managing Director of the Asset Management Company of Nigeria (AMCON), Mustafa Chike-Obi, by President Muhammadu Buhari Tuesday was prompted by alleged cumulative offences committed by the former MD and his team, administration insiders and former members of the company’s board have told PREMIUM TIMES.

“The president has been inundated by complaints about the politicisation of AMCON by its leadership and the lack of transparency in the disposition of assets,” a presidency source said.

“The President had to act to halt the drift in the organisation, and restore efficiency and independence to its operations.”

This newspaper also learnt that the Ahmed Joda-led Transition Committee reported to the President that it observed lack of transparency and competitiveness in the way the company disposed of assets.

“The establishment of AMCON has been a central part of the reform agenda,” the committee said in its report. “Critical attention should be taken to ensure efficiency in its mandate.”

It then identified “lack of transparency in disposition of assets” as the key challenge facing the company, and recommended that Mr. Buhari take measures to ensure divesture of AMCON’s assets are “carried out in a transparent and competitive manner”.

AMCON was set up in 2010 following former CBN governor, Sanusi Lamido’s banking sector intervention, with the objectives of buying up Non Performing Loans (NPL) from the banks, re-capitalising them, and finding buyers to run them in a transparent manner.

Being the largest financial institution in the country today, with assets valued at about N5 trillion, insiders say AMCON was almost unilaterally run by Mr. Chike-Obi, who was said to consistently took orders only from former President Goodluck Jonathan, while he was in office, routinely bypassing the company’s board as well as key regulators such as the CBN which has a 50 per cent stake in the business.

The former AMCON boss’ running battle with the CBN and Ministry of Finance, the two joint owners of the company, repeatedly triggered friction among officials and occasionally grounded the company’s operations, insiders say.

Mr. Chike-Obi’s traducers also accused him of being engaged in non-transparent and non-competitive sale of assets of some troubled companies, a charge he repeatedly denied but which his critics repeatedly tabled before the President.

In June, a lawyer, Ajibola Aribisala (SAN), raised alarm that AMCON deliberately sold Delta Steel Company at N28billion as against the N33billion offered by a Chinese company, China Polaris Technologies Company Ltd, despite the latter’s offer to pay immediately.

While urging President Muhammadu Buhari to cancel the deal, the lawyer said there was fraud in the deal as the company that purportedly won the bid, Premium Steel & Mines Ltd, was only incorporated when the bidding was already in full progress on December 14, 2014.

Mr. Chike-Obi, PREMIUM TIMES learnt, was also accused of shady financial deals with debtors, politicisation of decisions, flagrant disregard of the principles of corporate governance, contempt of the directives of the regulatory authorities, among others.

“The former MD’s involvement in financial scandals, flagrant abuse of power, disregard of the management board decisions are some of the reasons Mr. President sacked him,” said a source familiar with the president’s decision and the operations of the company.

“Whenever CBN or Ministry of Finance drew his attention to any misdemeanour, his excuse was that he was not an ordinary MD of a bank, and so could not be under the supervisory power of the CBN,” the source, who requested not to be named, said.
Another source, a former board member, said Mr. Chike-Obi always had the ears of ex-President Jonathan, and that he was in the habit of disregarding the directives of the Ministry of Finance and the CBN, citing “presidential directive” or “order from above”.

“There were several shouting matches between him and board members,” the source said. “He subjected several board members to verbal abuse and he made it impossible for board members to oversight his activities. He carried on with a lot of swagger, telling whoever cared to listened that he had presidential cover.”

He always looked down upon members of the Board of Directors of the company, and sidelined them in taking crucial decisions demanding their inputs.

“Some of us made sure the President became aware of all this, and we knew that we the change in the leadership of the country, his days in AMCON were numbered.

“Now that he and his team have been removed, I think the company can now be repositioned.”
In his response to the allegations, the former managing director denied the alleged rip-off in the sale of Delta Steel, saying the decision was taken after the approval of the Federal Executive Council, AMCON board and CBN.

“Haba! Everything about Delta Steel was discussed thoroughly at exco, board and approved by CBN,” Mr. Chike-Obi told PREMIUM TIMES.

“It is [people with] selfish interests that are peddling that garbage. There are board and exco minutes and CBN letters to prove this.”

Mr. Chike-Obi did not however respond to other allegations bordering on arbitrariness, highhandedness, among others.




www.premiumtimesng.com/news/headlines/188657-why-buhari-fired-amcon-md-mustafa-chike-obi.html

1 Like

Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by bluaero(m): 4:34pm On Aug 19, 2015
It was done for the sake of national cleanup



The two posters below me...kindly jump into the nearest lagoon. Tenk undecided

22 Likes

Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by ladyF(f): 4:34pm On Aug 19, 2015
It's for the best...

Its [size=20pt]LadyF[/size] again grin grin grin

3 Likes

Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by INTROVERT(f): 4:34pm On Aug 19, 2015
accusations with no hard proof

30 Likes 1 Share

Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by Bern1992(m): 4:44pm On Aug 19, 2015
(Yawns)

His special assistant on media will soon deny it undecided

WTF angry angry

2 Likes

Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by IGBOSON1: 4:59pm On Aug 19, 2015
So what if it turns out that these accusations are nothing more than a good old fashioned witch-hunt!? What ever happened to being 'innocent until proven guilty'!?

It's becoming more apparent that any self-respecting and accomplished individual should have nothing to do with public office in that god-forsaken country! If you're not from the right ethnic group, religion, social status or ready to 'play ball' then be prepared to have all manner of accusations leveled against you in a bid to rubbish your good name and get rid of you!

35 Likes 1 Share

Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by sammyj: 5:28pm On Aug 19, 2015
BABA Go slow and steady is working cleaning all the clueless one's mess. Nigeria will forever be greatful to PMB after his 4 years in power while haters, tanoids and wailers will continue to wail until they jam live transformers. Over to you wailers!! >>>>>>
www.nairaland.com/attachments/2739269_clvrh3ow8aawwho_jpegb9410a887cc29efdba8c24c0caffdad6 grin grin grin grin

68 Likes 2 Shares

Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by owobokiri(m): 5:41pm On Aug 19, 2015
Punch, The Nation, Premium times and co busy spreading rumors and defaming characters..

13 Likes

Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by mars123(m): 5:56pm On Aug 19, 2015
You can accuse Buhari of anything but surely not celebrating mediocrity...I voted you well my president.

26 Likes 1 Share

Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by Duru009(m): 6:40pm On Aug 19, 2015
Witch-hunting the igbos since 1960.....

21 Likes 1 Share

Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by san316(m): 6:43pm On Aug 19, 2015
Worefa. He's gone now. Everybody should calm down now.

2 Likes

Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by laudate: 2:16am On Aug 20, 2015
IGBOSON1:
So what if it turns out that these accusations are nothing more than a good old fashioned witch-hunt!? What ever happened to being 'innocent until proven guilty'!?

It's becoming more apparent that any self-respecting and accomplished individual should have nothing to do with public office in that god-forsaken country! If you're not from the right ethnic group, religion, social status or ready to 'play ball' then be prepared to have all manner of accusations leveled against you in a bid to rubbish your good name and get rid of you!

Why is it now suddenly an ethnic issue??! shocked

Duru009:
Witch-hunting the igbos since 1960.....

It is now a witch-hunt because the guy is Igbo??! O di egwu..... undecided

27 Likes 2 Shares

Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by Nobody: 2:39am On Aug 20, 2015
and who says the new guy at the helm of affairs won't do worse than is being alleged or take "orders from above "?

we should be building institutions and not persons. the more we look for saints to hold political offices, the more will falter and things get worse.

I can only accept change in Aso rock as the reason for the change in leadership of amcon and not the baseless allegations being peddled on the pages of newspapers. Any person or organisation that has genuine grievances against amcon should approach the law courts. And if there are loopholes that allows the head of amcon to abuse his office, the laws should be amended to take care of it. That is what is done in serious countries

31 Likes 3 Shares

Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by azzima(m): 4:04am On Aug 20, 2015
Sincere9gerian:
and who says the new guy at the helm of affairs won't do worse than is being alleged or take "orders from above "?

we should be building institutions and not persons. the more we look for saints to hold political offices, the more will falter and things get worse.

I can only accept change in Aso rock as the reason for the change in leadership of amcon and not the baseless allegations being peddled on the pages of newspapers. Any person or organisation that has genuine grievances against amcon should approach the law courts. And if there are loopholes that allows the head of amcon to abuse his office, the laws should be amended to take care of it. That is what is done in serious countries
i will rather check my new guy than stick with GEJ's old guy. Ifeanyi UBA. ...you are next!!

16 Likes

Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by efilefun(m): 4:06am On Aug 20, 2015
owobokiri:
Punch, The Nation, Premium times and co busy spreading rumors and defaming characters..

10 Likes

Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by efilefun(m): 4:11am On Aug 20, 2015
Duru009:
Witch-hunting the igbos since 1960.....
You are the enemy of yourselves, No ibo man trust his brother not to talk an outsider... The head of NNPC appointed by PMB is an Ibo man but your brothers came out screaming his a delta ibo.... WTF!!!! If you aint pleased with the reformation of the country you can take the shortest exit outta Nigeria

40 Likes 4 Shares

Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by zomby(m): 4:22am On Aug 20, 2015
Jonathan quickly became a useless leader because he did not have vision or wisdom, so making things work correctly or making good decisions became a major challenge during the last administration.
In fact, for the past 20 years, things in general and also in all areas in Nigeria have no been done correctly or accordingly. Any sensible individual understands this facts and needs no explanation why president Buhari continues to make changes....It is simply part of house cleaning.
We want change, we need things in the country to be done the right way; expect more firing...Nothing personal, but just parts of the process of "CHANGE"

18 Likes

Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by Nobody: 6:35am On Aug 20, 2015
The same Mustafa Chike-obi that Ahmed Musa has been trying to get across to cos of those oil workers from Niger-Delta? Ok. lipsrsealed undecided lipsrsealed

Weird name combo, by the way.
Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by thewarrior72: 6:36am On Aug 20, 2015
Please I have no comment on his removal or whatever, however, I want to ask one question....Is this guy in question(MUSTAFA CHIKE OBI) a Muslim or a Christian?, because there're no practicing muslim of IGBO extraction
Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by nnamdibig(m): 6:45am On Aug 20, 2015
thewarrior72:
Please I have no comment on his removal or whatever, however, I want to ask one question....Is this guy in question(MUSTAFA CHIKE OBI) a Muslim or a Christian?, because there're no practicing muslim of IGBO extraction

A lot of igbos are Muslims....... One of my uncles is a Muslim

16 Likes 3 Shares

Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by Chiefpriest1(m): 7:11am On Aug 20, 2015
And who remembers why AMCON was set up? This is Nigeria where a doctor who was sent to revive a patient ends up strangling her.

1 Like 1 Share

Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by backtosender: 7:21am On Aug 20, 2015
thewarrior72:
Please I have no comment on his removal or whatever, however, I want to ask one question....Is this guy in question(MUSTAFA CHIKE OBI) a Muslim or a Christian?, because there're no practicing muslim of IGBO extraction
mustapha was just a name their father chike obi the top known mathematician name his children other siblings have yororoba name Zik of africa did the same thing naming their kids muslims and yorubas names to represent stupidd WAZOBIA they are not muslims

5 Likes

Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by Nobody: 7:25am On Aug 20, 2015
This is what you get when a president openly admitted that stealing is not corruption. jonathan really destroyed Nigeria.

7 Likes

Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by Nobody: 7:26am On Aug 20, 2015
san316:
Worefa. He's gone now. Everybody should calm down now.

No no no.... it's not enough ...it's not enough..he should return all d money he stole then we can talk about being calm

1 Like

Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by backtosender: 7:30am On Aug 20, 2015
efilefun:
You are the enemy of yourselves, No ibo man trust his brother not to talk an outsider... The head of NNPC appointed by PMB is an Ibo man but your brothers came out screaming his a delta ibo.... WTF!!!! If you aint pleased with the reformation of the country you can take the shortest exit outta Nigeria
yorobba man talk what you no when it comes to trust Yoruba are the last people on this earth to trust they will betray you sell you for nothing...jonathan tried it during his election the obas took bribe from him and went and vote for buhari..... mistake jona did was trying to please you guys he could have ignored yorobbas to rot after all you will not vote for him why worry about people that cant stand you...delta igbos never said that they are not igbos you have seen numerous igbo deltas preaching about their igboness but your people will tell them they are not igbos... what do you people want from the ZOO republic? your people are very confusing u say A today tomorrow u say B?

10 Likes

Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by Skypelogger: 9:35am On Aug 20, 2015
Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by Gablo500(m): 9:35am On Aug 20, 2015
Hmm
Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by Nobody: 9:35am On Aug 20, 2015
Good to know

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Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by sigiyaya(m): 9:36am On Aug 20, 2015
upon say the guy carry mustafa add for em name... Baba no dey tryooo shocked shocked shocked shocked
Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by rattlesnake(m): 9:37am On Aug 20, 2015
How can person bear musty obi
Re: Why Buhari Fired AMCON MD, Mustafa Chike-obi - Premium Times by DahtzFestjayz: 9:37am On Aug 20, 2015
B

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