Chioma Vivian James
President Bola Ahmed Tinubu has formally requested the Senate to confirm the appointment of Lamido Yuguda Abubakar as Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON), a move aimed at strengthening the leadership of one of the country’s key financial intervention agencies.
The request was conveyed in a letter addressed to the Senate and read during Wednesday’s plenary session by Senate President Godswill Akpabio.
According to the President, the nomination was made in accordance with Section 10(1)(a) of the Asset Management Corporation of Nigeria (Establishment) Act, 2010, as amended. In the letter, Tinubu expressed confidence in the nominee’s ability to provide strategic leadership for the corporation as it continues its mandate of supporting financial stability and debt recovery within Nigeria’s banking sector.
“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 President stated.
The nomination follows the exit of the immediate past chairman of the AMCON Board, creating a leadership vacancy at a critical period for the corporation’s operations and debt recovery efforts.
Following the announcement, Senate President Akpabio referred the nomination to the Senate Committee on Banking, Insurance and Other Financial Institutions for legislative scrutiny. The committee has been mandated to conduct the screening process and submit its report to the Senate within two weeks.
Established in 2010, AMCON plays a pivotal role in safeguarding Nigeria’s financial system. The corporation was created to acquire non-performing loans from financial institutions, stabilize the banking sector, and facilitate the recovery of outstanding debts. Over the years, it has remained a central institution in efforts to maintain confidence in Nigeria’s financial markets and support economic resilience.
As required by law, Abubakar’s appointment will only take effect upon confirmation by the Senate, setting the stage for a crucial review of his credentials and vision for the corporation’s future.
Stakeholders across the financial sector are expected to closely monitor the confirmation process, given AMCON’s strategic importance to Nigeria’s banking industry and broader economic stability.
