Why AMCON’s MD, Ahmed Kuru, Was Interrogated by the EFCC.

Why AMCON’s MD, Ahmed Kuru, Was Interrogated by the EFCC.

Ahmed Kuru

Why AMCON’s MD, Ahmed Kuru, Was Interrogated by the EFCC.

Advertisements

NewsReport gathered that Mr. Ahmed Kuru, the managing director of Assets Management Company of Nigeria (AMCON), was reportedly investigated by the Economic and Financial Crimes Commission (EFCC) on Wednesday.

Kuru was questioned in connection with alleged asset diversion.

A senior official from the anti-corruption agency confirmed the news on Wednesday.

According to a Sahara Reporters report, Kuru has been accused of asset diversion and selling seized assets at below-market prices to cronies by businesses accused of bank loan default.

According to the newspaper, Kuru was invited by the EFCC after the agency received confirmation of his selling Atlantic assets worth billions of naira.

According to the source, Atlantic was suspected of defaulting on a loan with Skye Bank, and collateral was confiscated while a legal case was pending.

While the lawsuit was still in court, the AMCON MD allegedly proceeded to sell the disputed properties for a fraction of their current market value.

The news came just months after Kuru started his second term as AMCON MD.

Meanwhile, during a retreat of the Senate Committee on Banking in July 2021, Kuru stated that AMCON had recovered N1.48 trillion from bank creditors out of a total of N4.158 trillion.

He further stated that the agency still has 7,902 outstanding obligors, totaling over N3.1 trillion in outstanding loans.

As of press time, Jude Nwauzor, AMCON’s head of corporate communications, had not responded to questions.