President Muhammadu Buhari has appointed Edward Adamu as Chairman of the Asset Management Corporation of Nigeria.
The announcement of the appointment was contained in a letter sent to the Senate by the President on Tuesday.
But before now, Adamu has been caught in a web of scandal after a tape recording exclusively obtained by SaharaReporters in May 2019 caught him and governor of the Central Bank of Nigeria, Godwin Emefiele, including Director of Finance, Dayo Arowosegbe, and one of the Special Advisers to Emefiele, Emmanuel Ukeje, discussing how to cover up the loss of over N500bn stolen from the apex bank in a deal that went awry.
Adamu was deputy governor of the CBN at the time the conversation took place.
In the said audio recording, Emefiele can be heard telling Adamu, “To avoid any serious problem, is just for the government to have to agree to give us at least N100bn cash but the government will not agree. They will kick against it.”
The group was discussing how to cover up the missing money in the audio later authenticated by the CBN in a statement.
The full transcript of the audio conversation
Edward Adamu: Hello sir.
Emefiele: Edward can you please step aside?
Adamu: Okay sir...
Emefiele: I am not too happy that Arowosegbe led us like this.
Adamu: In fact, that was what I was asking. I said we have an impression that we had N500bn, he said no. I said but that was the impression until the end of the year.
Emefiele: Ahhh! What are we going to do?
Adamu: You know... that’s what I told him.
Emefiele: Along we all thought he had that but it was very shocking to hear that apparently it was not N500bn... you know.
Adamu: That’s the major issue.
Emefiele: Ahh! ...Ye! I don die now, where I go see money?
Adamu: What I told them is, let’s look at our income if there is anything we can do around that area, you know, that might be an option.
Because now, we are in a very bad situation. He really didn’t give us full information.
Emefiele: I was like, God, he did a good job, he didn’t pass time he left. How do I handle this?
We have to rack our brain and get something out because we can’t afford it at all, not at this time.
Opposition will say it should have depreciated in the project... and then foreign investors would begin to panic and take their money out because they would say it would depreciate.
Adamu: Exactly, yes. There would be panic in the market and we can’t take this at this stage, at all. We have to get a way out. We are just discussing now what are the possibilities, what you can do. We will get back to you.
Emefiele: Hmmn! I’m just getting hopeless about it because I‘m still thinking which way I should go.
Adamu: Yes, that is really the task now.
Emefiele: If there is a place you can find money. Ahhh!
Adamu: We’ll have to think of a way out because we cannot afford it at all. The implications are just too many to even think about and damaging. We cannot allow this like this, we cannot.
Emefiele: To avoid any serious problem is just, the government to have to agree to give us at least N100bn cash but government will not agree. They will kick against it.
Adamu: Yes, they will kick against it. Really. That would have been a good one but the challenge is how to get back to them but it will be very difficult, almost impossible.
Emefiele: The implication for the economy is... no no, no. I’m just thinking if there is surplus of one naira, just give us then we’ll begin to refund you in 2019. I can’t even find the partners now because I cannot talk to the real partners like Ayo.
Ayo is not picking my calls and I’m not used to the CI partner. I don’t’ know him, it’s only Dayo that I know and Dayo has retired. Hmmn... Oh God!
Adamu: You’ll have to think of something. We really miss. It is a sad one. We’ll have to come out of it somehow. If only we can say there is money here but I can’t find. I kept on disturbing this guy in December and January but he kept telling me no problem. God, this guy just...
Emefiele: It’s a mess; it’s really a mess.
SaharaReporters sources at the CBN disclosed that Emefiele, Adamu and other top guys in the bank eventually found a way out of their dilemma by diverting funds in possession of the financial institution and also printing cash.
However, with his appointed on Tuesday by President Buhari, Adamu takes over AMCON from Muiz Banire, who had been in the saddled since July 2018.