AMCON’s Executive Directors earned N776 million in 2016 despite N351 billion loss

Despite making a N351 billion loss in 2016, the four executive directors of the Asset Management Company of Nigeria (AMCON) were paid a total of N776 million as salaries for the period ended December 2016.  The directors also earned N778 million in 2015, wherein AMCON made a loss of N304 billion.

Executive compensation for some of Nigeria’s biggest companies run into hundreds of millions of naira as shareholders scramble to keep experienced and proven executives. Hiring top quality banking executives are said to be tough to come thus the need to meet competitive pricing.

Here is how AMCON’s executive compensation, compares to other major Nigerian Banks;

See table below;

Considering that AMCON is government owned, the top executives at the bad bank are perhaps the highest paid public officials in Nigeria.

The top executives at AMCON and their profile are as follows

Ahmed Lawan Kuru – Group Managing Director

He was once the Group Managing Director and Chief Executive Officer of the defunct Enterprise Bank Limited (which was eventually nationalised at taken over by AMCON). He rose through the ranks to become an Executive Director of Bank PHB (now Keystone Bank and another nationalised Bank) in 2005.

Aminu Ismail – Executive Director

Held several managerial positions in FSB International Bank Plc and was Group Head until the merger with Fidelity Bank Plc. He was also a Regional Head at the United Bank of Nations (UBA) and was from there appointed an Executive director of  Enterprise Bank Ltd.

Dr Eberechukwu Uneze – Executive Director

He is the only one who had no prior banking experience

Kola Ayeye – Executive Director

He was once a General Manager at Oceanic Bank International Plc (another failed bank) and also Managing Director and Chief Executive Officer of National Bank of Nigeria Ltd. He was also an Executive Director of MainStreet Bank Limited (also previously owned by AMCON but now sold to Skye Bank) since August 2011.

AMCON’s personnel expenses was N7.4 billion in 2016 compared to N9.7 billion in 2015. Nigerian tax payers are on the hook for these payments and will hope to see a turnaround in AMCON as soon as possible.