By Mogaji Wole Arisekola.

Corruption has long plagued the Asset Management Corporation of Nigeria (AMCON), attracting critical attention from observers both within and outside the country. The systemic rot within the organization highlights the pressing need for reform and accountability if Nigeria is to fulfill its aspirations of development and stability.

Ahmed Kuru, the former Managing Director of AMCON, was questioned over allegations of corruption involving the sale of assets and the embezzlement of over N895 billion. Despite these serious accusations, he has never been charged in court. Unfortunately, this is not a surprise in Nigeria, where high-profile corruption cases often vanish into the ever-expanding abyss of unresolved scandals. The matter has since been swept under the carpet, joining countless other corrupt cases that demand immediate and radical action if our beloved country is to rise to greatness once again.

The story of AMCON’s mismanagement and corruption goes far beyond this isolated case. Most of the assets seized by AMCON are allegedly re-looted by unscrupulous civil servants and political appointees working within the organization. Properties under AMCON’s receivership are often rented out, with the proceeds diverted to the personal accounts of AMCON staff and their cronies. What should be public assets meant to serve the country’s recovery and development have become private cash cows for a select few who prioritize personal gain over public service.

A few months ago, I conducted my own investigation and traced some of AMCON’s properties to Victoria Garden City (VGC) and Ikoyi in Lagos. What I discovered was shocking. Contrary to what is documented in AMCON’s records in Abuja, these assets were not vacant. In fact, they were occupied by individuals who paid ground rents directly to AMCON staff and those managing the receivership. The corruption was organized and methodical, with government officials and receivership operatives working hand in hand to defraud the system. It’s a syndicate that has embedded itself within AMCON, perpetuating a cycle of theft and deceit.

This scandalous mismanagement extends beyond properties and into Nigeria’s vital energy sector. Several oil rigs seized by AMCON have allegedly been leased or sold under questionable circumstances to associates of top AMCON officials. These deals are shrouded in secrecy, bypassing transparency and due process. The collusion between government officials and their private sector partners in AMCON has reached alarming levels, effectively turning what should be a government agency into a personal enterprise for the corrupt elite.

Before delving further into other issues, it is essential to critically examine what I describe as the anatomy of corruption and the breakdown of the rule of law that has become the norm under the administration of both Ahmed Kuru and the current Managing Director/Chief Executive Officer of AMCON, Mr. Gbenga Alade. Their leadership has done little to curb the rampant corruption within the organization, instead perpetuating a culture of impunity that only deepens the crisis.

One of the critical areas where AMCON’s corruption has had a detrimental impact is Nigeria’s power sector. The issue of epileptic power supply has long been a source of frustration for Nigerians. Before President Tinubu was elected last year, one of his key campaign promises was to improve electricity access across the country. Upon assuming office, he assembled a team of experts to diagnose the challenges plaguing the Ministry of Power. One of the major obstacles identified was the overbearing influence and corruption within AMCON, which had taken over several power plants nearly a decade ago due to the original owners’ exposure to bad loans.

Among these troubled projects is the Kudendan power plant in Kaduna. The plant was awarded in 2010, and by 2018, it was reportedly 90% completed. However, since AMCON took control, work on the plant has stalled, leaving billions of naira in public funds to waste. Despite its potential to significantly boost electricity supply in the region, AMCON’s failure to either complete the project or recover the funds has left the asset in limbo. The abandonment of such critical infrastructure is emblematic of the senseless and destructive management practices that have characterized AMCON’s operations. As Nigeria’s economy struggles for survival, these failures further strain our national resources.

In response to this debacle, President Tinubu directed the Economic and Financial Crimes Commission (EFCC) to step in and mediate between AMCON, the Central Bank of Nigeria (CBN), and the contractors. The objective was clear: resolve the outstanding issues, reactivate the power plant, and facilitate the recovery of public funds. The project, once resumed, would improve electricity supply across the country, contributing to the president’s vision for a brighter energy future for Nigeria. Initially, all parties agreed to this plan, but the situation soon took a sinister turn.

Weeks after the president’s directive, corrupt civil servants within AMCON and the agency’s management began to resist the order. In a blatant show of defiance, this journalist uncovered a letter written by Gbenga Alade, the MD/CEO of AMCON, instructing all parties involved that the corporation was appointing a consultant to review President Tinubu’s directive. Such an audacious move not only undermines the president’s authority but also exemplifies the arrogance and impunity that have become entrenched within AMCON.

This incident raises profound questions about the state of Nigeria’s democracy and governance. How can the president’s order be disregarded by his appointees? How has AMCON, a government agency, become so powerful that it can unilaterally sideline the nation’s highest office? The answer lies in the deep-rooted corruption that permeates every level of the organization. Legal issues surrounding AMCON’s dealings with contractors have now led to further delays in critical projects, forcing the EFCC to intervene.

Nigerians are left wondering: who will pay for the consultants appointed by Gbenga Alade? Many suspect that these consultants, like others before them, are simply conduits for siphoning government funds under the guise of professional services. The suspicion is that the consultancy fees will be inflated, with kickbacks flowing back to those who orchestrated the scheme. This pattern of appointing consultants for every trivial matter is a well-known tactic used by corrupt officials to embezzle public funds while creating the illusion of accountability.

It is hard to escape the conclusion that Gbenga Alade has either been captured by the corrupt forces within AMCON or is willingly part of the problem. His recent appointment as the MD/CEO has done little to inspire confidence that change is coming to the organization. Instead, his actions suggest a continuation of the old ways – a system built on exploiting public assets for personal enrichment while the nation’s economy suffers.

AMCON’s rot runs deep, and unless decisive action is taken, the agency will continue to serve as a cesspit of corruption, a black hole into which public funds vanish without a trace. Nigerians deserve better. The country’s assets should be managed transparently and with integrity, with every naira accounted for and directed toward the public good.

To turn things around, the government must take a firm stand against corruption in AMCON. This includes prosecuting those responsible for looting public assets, implementing strict oversight mechanisms, and ensuring that AMCON’s operations are subjected to regular audits. Additionally, the government should explore alternatives to AMCON’s current management structure, possibly by involving independent and reputable external bodies that can bring professionalism and accountability to the organization.

Beyond the immediate need for reforms within AMCON, the broader issue is Nigeria’s failure to adequately address corruption across its institutions. AMCON is just one example of the many agencies where corruption festers, stifling progress and perpetuating poverty. If Nigeria is to make meaningful strides toward development, there must be a coordinated and sustained effort to root out corruption at all levels of government.

The public must also play a role in holding their leaders accountable. Civil society organizations, the media, and ordinary citizens must keep the spotlight on AMCON and other corrupt entities, refusing to let these issues fade into the background. Sustained pressure is essential in ensuring that those who plunder Nigeria’s wealth are brought to justice.

It is not enough to simply lament the state of affairs. Concrete action is needed, starting with AMCON. The agency’s leadership must be overhauled, and a new culture of transparency and accountability must be instilled. Without this, AMCON will remain a symbol of everything wrong with Nigeria’s governance – a cesspit of corruption where the powerful enrich themselves at the expense of the public.

Mogaji Wole Arisekola writes from Ibadan.