Tinubu appoints Lamido Yuguda as AMCON board Chairman, seeks Senate approval

President Bola Ahmed Tinubu has asked the Senate to confirm the appointment of Lamido Yuguda Abubakar as Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON).

The request was conveyed in a letter read by Senate President Godswill Akpabio during Wednesday’s plenary.

According to the President, the nomination was made in accordance with Section 10(1)(a) of the Asset Management Corporation of Nigeria (Establishment) Act, 2019, as amended.

“I am pleased to present for confirmation by the Senate the appointment of Mr Lamido Yuguda Abubakar as Chairman of the Board of the Asset Management Corporation of Nigeria,” the letter read.

Tinubu explained that the nomination became necessary following the exit of the immediate past chairman of the AMCON board.

After reading the President’s request, Akpabio referred the nomination to the Senate Committee on Banking, Insurance and Other Financial Institutions for screening.

The committee was directed to conduct the screening exercise and submit its report to the Senate within two weeks.

AMCON was established in 2010 to stabilise Nigeria’s financial system by acquiring non-performing loans from banks and facilitating the recovery of outstanding debts.

Under the law establishing the corporation, appointments to its board are subject to confirmation by the Senate.

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