President Muhammadu Buhari has dissolved the executive management team of the Assets Management Corporation of Nigeria (AMCON).
Reconstituting a new management team for the Corporation, the president appointed former managing director and chief executive of Enterprise Bank, Mr Ahmed Lawan Kuru, as the new managing director of AMCON, replacing Mustapha Chike-Obi.
In a statement issued yesterday by special adviser to the president on media and publicity, Mr Femi Adesina, Buhari also appointed three new executive directors for AMCON, namely, Kola Ayeye, Eberechukwu Uneze and Aminu Ismail.
Adesina said the appointment of Kuru and the three new AMCON executive directors takes immediate effect “from August 18, 2015.”
Kuru started his banking career with the defunct Habib Bank in 1985 and rose through the ranks to become an executive director of Bank PHB (now Keystone Bank) in 2005.
He was the pioneer managing director/chief executive officer of Enterprise Bank Ltd, a nationalised bank created following the revocation of the operating licence of Spring Bank.
Kuru, on appointment, was mandated to transform the rescued bank into a commercially and professionally viable entity.
Within the last 15 months, he succeeded in transforming the bank into a strong institution that is driven by a strong corporate governance structure, with a highly trained and motivated workforce and a very strong brand that can compete, in terms of efficiency, with the major players.
Kuru won the award of LEADERSHIP Banker of the Year in 2012 for his contributions in raising Enterprise Bank from the dead and redeeming the hard-earned savings of thousands of despairing depositors.
At Enterprise Bank, Kuru massively expanded the bank’s deposit base and significantly improved liquidity. Capital adequacy, a key liquidity test, improved from negative of 120 per cent to 40 per cent. He aggressively pursued retail banking, keeping the customer at the heart of the bank’s new products and services.
He also improved the bank’s products and services through a number of customer-friendly schemes. Some of the products launched include SALAD, a salary advance product where customers can withdraw up to 50 per cent of their salaries before payday.
The bank also introduced the “financing the future” personal loan, a jumbo consumer loan scheme which helps customers in the area of assets and household equipment acquisition, as well as special loans for individuals and businesses.
He took up appointment at Enterprise Bank as the helmsman at a time when the tide was high and the storm was raging. In the midst of the storm, however, he was able to steer the bank, not just on the path of acceptance but also on the road to profitability.
He also helped the bank to achieve smooth transformation and ensured that no member of staff of the old bank was sacked, as against the common situation with many of the rescued banks where staff members were let go under controversial circumstances that caused many a ruckus in the banking industry.
Kuru holds a Bachelor of Science (B.Sc.) degree and a Master’s degree in Business Administration from the Ahmadu Bello University (ABU), Zaria. He has attended many local and international courses, including the Senior Management Development Programme by Philips Consulting in South Africa and leadership programmes at the London Business School.
He is respected in the banking industry as a result-oriented and deft leader who easily carries high responsibility with a strong accountability record.