The president of Nigeria, Muhammadu Buhari, has dissolved the management team of the Assets Management Corporation of Nigeria (AMCON).

Premium Times reports that the president appointed Ahmed Lawan Kuru as the new managing director of the corporation to replace Mustafa Chike-Obi.

Buhari also appointed Kola Ayeye, Eberechukwu Uneze and Aminu Ismail as the new executive directors of the corporation. They will form the executive management team of the body.

Until his appointment, Kuru was the group managing director of Enterprise Bank Limited.

He started his banking career with the old Habib Bank in 1985 and rose through the ranks to become an executive director of Bank PHB (now Keystone Bank) in 2005.

Femi Adesina, the president’s spokesperson, said the appointments take effect from Tuesday, August 18.

Meanwhile, President Muhammadu Buhari, has identified another sector of the economy which he believes should be probed with the immediate effect.

According to Vanguard, the Nigerian leader has ordered probes into the sale of Nigerian Telecommunications (NITEL) and Mobile Telecommunications (MTEL) which was carried out by the previous government of ex-president Goodluck Jonathan.

President Buhari, who said he is not opposed to the reasons for selling the telecommunication companies, however, expressed his concern about the process following the $252 million, reportedly recouped from its sale to NATCOM consortium in December 2014.