Senate confirms Lamido Yuguda as AMCON board chairman

The Senate on Thursday confirmed the nomination of Lamido Yuguda as chairman of the board of the Asset Management Corporation of Nigeria AMCON.

The confirmation followed the consideration and adoption of the report of the Senate Committee on Banking, Insurance and Other Financial Institutions, presented during plenary by its chairman, Senator Adetokunbo Abiru.

President Bola Tinubu had forwarded Yuguda’s nomination to the Senate on July 9 in line with the provisions of the Asset Management Corporation of Nigeria Act.

The request was contained in a letter read by Senate President Godswill Akpabio during plenary.

“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’s letter read.

With the Senate’s approval, Yuguda will chair the board of AMCON, the agency established in 2010 to acquire non-performing loans from banks and support stability in Nigeria’s financial system.

Yuguda began his career at the Central Bank of Nigeria CBN in 1984 as a senior supervisor in the Foreign Operations Department.

Between 1997 and 2001, he worked as an economist in the Africa Department of the International Monetary Fund IMF.

He later returned to the CBN, where he rose to become director of the Reserve Management Department before retiring in 2016.

From 2020 to 2024, Yuguda served as director-general of the Securities and Exchange Commission SEC, where he oversaw reforms in the capital market.

He is a fellow of the Institute of Chartered Accountants of Nigeria ICAN and a Chartered Financial Analyst CFA.

In March, President Tinubu nominated him as deputy governor of the Central Bank of Nigeria, and the Senate confirmed the appointment the following month.

His confirmation as AMCON board chairman comes as the corporation continues efforts to recover outstanding debts, resolve legacy assets and support stability in Nigeria’s banking sector.