Tinubu Proposes Lamido Yuguda Abubakar as New AMCON Board Chairman

President Bola Tinubu has forwarded the name of Mr. Lamido Yuguda Abubakar to the Senate for confirmation as the Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON). This request was formally communicated in a letter from the President, which was read aloud by Senate President Godswill Akpabio during the Senate's plenary session on Wednesday.

In his correspondence, President Tinubu clarified that the nomination adheres to the provisions of Section 10(1)(a) of the Asset Management Corporation of Nigeria (Establishment) Act, 2019, as amended. The letter stated, "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 (AMCON)."

President Tinubu further explained that this appointment became necessary due to the departure of the previous chairman from the corporation’s board. He noted, "The Senate is invited to kindly note that the appointment of Mr Lamido Yuguda Abubakar is necessitated by the exit of the immediate past chairman of the board of AMCON."

The President expressed his optimism that the Senate would act swiftly on the confirmation. "While it is my hope that the Senate will consider and confirm the nominee expeditiously, please accept, distinguished Senate President, the assurances of my highest consideration," the President's letter concluded.

Following the presentation of the letter, Senate President Akpabio referred Mr. Abubakar's nomination to the Senate Committee on Banking, Insurance and Other Financial Institutions for thorough legislative review. The committee has been given a two-week timeframe to screen the nominee and submit its report back to the full Senate.

AMCON was established by the Federal Government in 2010 with the primary mandate of stabilizing Nigeria’s financial system. This is achieved by acquiring non-performing loans from commercial banks and subsequently recovering the outstanding debts. By law, all appointments to AMCON's board are subject to the approval and confirmation of the Senate.