Mustafa Chike-Obi, former chairman of Fidelity Bank, says Central Bank of Nigeria Governor Olayemi Cardoso prevented a proposal to wind up the Asset Management Corporation of Nigeria, or AMCON, from proceeding.
Speaking on a podcast released on Friday, Chike-Obi argued that AMCON no longer has a valid purpose and should cease operations. He said he has advocated closing the state-owned bad-debt resolution agency for six years.
Chike-Obi said Wale Edun, the former finance minister, had backed the proposal and advanced it to the government, but Cardoso opposed it. Despite that setback, he said the initiative to shut AMCON remains alive and continues to represent the right policy choice.
“It was submitted to the previous administration six years ago, but it was treated as though it could simply be ignored,” Chike-Obi said. “It was later presented to the current administration through former Finance Minister Wale Edun. He accepted it and took it forward, but Olayemi Cardoso rejected it. The proposal remains valid and sound.”
