Facts have emerged on why the former National Legal Officer of the All Progressives Congress, Dr. Muiz Banire, was removed as the Chairman of the Board of Assets Management Corporation of Nigeria by President Muhammadu Buhari.
Our correspondent gathered that the AMCON Act, signed by President Buhari, stipulated that a Deputy Governor of the Central Bank of Nigeria must be the chairman of AMCON.
The amended AMCON Act provides for a chairman who shall be a deputy governor in the CBN to be nominated by the apex bank.
The newly appointed AMCON Chairman is the Deputy Governor of the CBN, Edward L. Adamu.
He is in charge of the Corporate Services Directorate.
Buhari signed the AMCON Amendment Bill into law on August 7, 2019 although the amendment was done by the eight Senate under the leadership of Senator Abubakar Bukola Saraki.
Under the new law, AMCON now has powers to place any bank account or any other account comparable to a bank account of a debtor of an eligible financial institution under surveillance, obtain access to any computer system component, electronic or mechanical device of any debtor with a view to establishing the location of funds belonging to the debtor.
It also empowers AMCON to obtain information in respect of any private account together with all bank financial and commercial records of any debtor of any eligible financial institution, banking secrecy, and the protection of customer confidentiality is not a ground for the denial of the power of the Corporation under this section.