AMCON boss says capital market probe report is sloppy

Channels Television  
Updated July 26, 2012

The Managing Director of the Asset Management Company of Nigeria (AMCON), Mustafa Chike-Obi on Thursday said that the report presented to the House of Representatives by the Chairman of the ad-hoc committee that probed the near collapse of the Nigerian capital market is “extremely ill done” and “extremely sloppy”.

Mr Chike-Obi, who disclosed this while responding to questions on Channels Television’s breakfast show, Sunrise Daily, said he disagree with most of the observations the committee listed in the report.

He said: “For example he (the chairman of the probe committee, Ibrahim Tukur El-Sudi) said that AMCON is a time-bomb waiting to happen. This he concludes after one hour interaction with AMCON MD. We’ve had visits from the IMF (International Monetary Fund) to look into the AMCON module. I spent eight hours with them in Abuja and I was on the phone with them for an additional eight hours when they went back to Washington, asking me questions, details of what we are doing. And in their report about Nigeria they cited AMCON as one of the good things Nigeria has done.”