Senate confirms Yuguda as AMCON Board chairman

The Nigerian Senate has officially confirmed the appointment of Lamido Yuguda Abubakar as the new Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON).

The confirmation came after the Senate considered and adopted the report presented by the Senate Committee on Banking, Insurance, and Other Financial Institutions. Senator Adetokunbo Abiru, who chairs the committee, recommended Yuguda's approval for the chairmanship.

This decision stems from a nomination request submitted by President Bola Tinubu. In a letter read on the Senate floor by Senate President Godswill Akpabio, President Tinubu cited Section 10(1)(a) of the AMCON (Establishment) Act, 2019, as amended, for the nomination. The President emphasized the necessity of the appointment following the exit of the former chairman and urged the Senate to expedite the confirmation process.

Following the President's request, the nomination was referred to Senator Abiru's committee for legislative review, with a mandate to report back within two weeks. Yuguda's confirmation ensures the AMCON board has leadership in place, addressing the vacancy created by the previous chairman's departure.