EFCC quizzes AMCON MD Kuru over corruption, assets stripping

The Economic and Financial Crimes Commission (EFCC) is quizzing Ahmed Kuru, managing director of the Assets Management Corporation of Nigeria (AMCON), over allegations related to sale of assets. A top official at the anti-graft agency confirmed the development. Kuru is accused of asset diversion and selling of seized assets to cronies at below market value by businessmen accused of loan default with banks, according to a report by Sahara Reporters.

The newspaper quoted a source at the EFCC to have claimed that Kuru was invited by the commission after confirmation of his selling assets worth billions of Naira belonging to Atlantic. Atlantic was accused of loan default with Skye Bank and properties in collateral were seized while an action was instituted in court. While the court case was still pending, the AMCON MD allegedly proceeded to sell the properties in dispute at a price far below the prevailing market value. The development comes months after Kuru began his second term in office as AMCON MD.

Meanwhile, in July 2021, while attending the retreat of the senate committee on banking, Kuru had said AMCON recovered N1.48 trillion out of N4.158 trillion from bank debtors. He had also said the agency still has 7,902 outstanding obligors with a total outstanding loan of above N3.1 trillion.