The Asset Management Corporation of Nigeria (AMCON) yesterday said no asset has been either underpriced or sold to cronies of the Managing Director of the agency, Mr. Ahmed Kuru.

The corporation said the valuation of assets was usually done by a team headed by successive officers from the Central Bank of Nigeria (CBN).

It said before a property is sold, it must be endorsed by 11 signatories, including some Executive Directors of AMCON.

It said to ensure transparency in sale of assets, an AMCON desk was established in EFCC.

It clarified that all proceeds from disposal of assets were officially paid into the Treasury Single Account (TSA).

It claimed that Kuru was only invited for a reconciliation meeting on Wednesday but he ended up in EFCC’s cell.

According to a fact-sheet, which was made available to THE NATION by an official of AMCON, no asset sold by the agency has been underpriced.

The fact-sheet was against the backdrop of the detention of AMCON Managing Director by the Economic and Financial Crimes Commission (EFCC) on Wednesday.

The document said: “The fact is that valuation of houses is not done by AMCON but by a team headed by successive officers from the Central Bank of Nigeria (CBN). It is a farce to say that the MD of AMCON underpriced any asset or sold same to his cronies.

“Before a property is sold, there are 11 signatories to the processes including valuing, marketing and sales. The MD or any Executive Director does not have unilateral power to sell any asset. Kuru did not sell assets to himself, friends or associates.”

The document explained how the MD of AMCON was detained on Wednesday by the EFCC.

It said: “The Managing Director of AMCON was invited by the EFCC for a meeting on reconciliation of assets. Kuru went with his Executive Directors and top management staff. The session was held at a conference room of the anti-graft agency.

“It was a routine meeting because sometimes it used to take place in AMCON office. Nobody suspected that the last meeting will land Kuru in detention.

“This is a Managing director who had served as an Executive Director of the defunct Bank PHB without blemish. The meeting was still in progress when his attention was drawn to breaking news in an online medium that he has been arrested.

“At the end of the meeting, Kuru was told that he cannot go home because he will be detained for interrogation over some matters.”

The AMCON official gave insights into an issue raised by the EFCC bordering on the status of Marion Apartments in Banana Island, Lagos.

“The property in Banana Island is owned by an oil firm called Atlantic Energy. A Federal High Court gave a judgment for the final forfeiture of the assets to the Federal Government.

“But the EFCC, which is in possession of the Certificate of Occupancy of the apartments, faulted AMCON for putting up the sale of the property without recourse to it.”

As at press time, it was gathered that AMCON MD has been granted bail by the EFCC.

“Kuru is on bail, we will keep you posted,” a top EFCC official said.