President Tinubu appoints Lamido Yuguda to lead AMCON Board

President Bola Ahmed Tinubu has proposed the appointment of Lamido Yuguda Abubakar as the Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON) for confirmation by the Senate.

The proposal was sent in a letter read by the Senate President Godswill Akpabio during Wednesday’s plenary session.

The President said that the nomination is in fulfillment of the provisions of Section 10(1)(a) of the AMCON (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.

According to Tinubu, the need for the nomination arose after the departure of the chairman of the AMCON board.

Upon the reading of the request made by the president, Akpabio referred the nomination to the Senate Committee on Banking, Insurance and Other Financial Institutions for screening.

The committee was told to screen the nomination and present its report to the Senate in two weeks.

AMCON was created in 2010 with the aim of stabilising the financial system of Nigeria through the acquisition of the bad loans of the banks and collection of the debts.

By virtue of the enabling law, all nominees to the board have to be confirmed by the senate.