Lamido Yuguda AMCON Board Chairmanq — The Senate has confirmed Mr Lamido Yuguda Abubakar as Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON). Lawmakers approved the nomination after they considered and adopted a report from the Senate Committee on Banking, Insurance and Other Financial Institutions.

Senator Adetokunbo Abiru (Lagos East), who chairs the committee, presented the report during plenary. Consequently, the Senate moved quickly to ratify the committee’s recommendation and formalize Yuguda’s appointment.

President Bola Tinubu had forwarded Yuguda’s nomination to the Senate on July 9, 2026, in line with the provisions of the AMCON Act. Specifically, the president cited Section 10(1)(a) of the Asset Management Corporation of Nigeria (Establishment) Act 2019, as amended, when he presented the nomination.

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In his letter, Tinubu explained that the vacancy arose because the corporation’s previous chairman, Mr Bala Mohammed Bello, had exited the board. Therefore, he urged the Senate to confirm the nominee “expeditiously.”

Lamido Yuguda AMCON Board Chairman: A Familiar Face Before the Committee

During Tuesday’s screening, the Senate committee cleared Yuguda without extensive questioning. Since he had already appeared before the chamber for prior national assignments, members allowed him to “take a bow and go,” in keeping with Senate tradition for previously screened nominees.

The Special Adviser to the President on National Assembly Matters (Senate), Senator Basheer Lado, introduced the nominee to the committee. He noted that Yuguda’s nomination followed the statutory requirements of the AMCON Act.

Meanwhile, the committee also directed AMCON’s management to brief lawmakers on the corporation’s operations. In particular, it asked for updates on the agency’s financial position and its readiness for the expiration of its statutory mandate in 2030.

Furthermore, the Managing Director of AMCON, Mr Gbenga Alade, attended the screening alongside senior officials of the Central Bank of Nigeria. As a result, the session brought together key stakeholders from both the corporation and its regulatory partners.

Yuguda’s Track Record

Yuguda currently serves as Deputy Governor, Financial System Stability, at the Central Bank of Nigeria. Indeed, President Tinubu nominated him for that role in March 2026, and the Senate confirmed his appointment the following month, citing his deep experience in financial regulation.

Before that, Yuguda led the Securities and Exchange Commission (SEC) as Director-General from 2020 to 2024. During his tenure, he pushed reforms that strengthened investor confidence and deepened Nigeria’s capital market.

Additionally, Yuguda holds credentials that reinforce his financial expertise: he is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a Chartered Financial Analyst (CFA) charterholder.

Given this record, committee members expressed strong confidence in the nominee. As one lawmaker put it while reviewing his résumé, there was “no doubt that he is eminently qualified” for the position.

What Comes Next for AMCON

With the Senate’s approval now secured, Yuguda takes charge of one of Nigeria’s most consequential financial institutions. AMCON was established in 2010 to stabilize the banking sector following the 2008–2009 financial crisis, and it did so by acquiring non-performing loans from deposit money banks.

Yuguda’s confirmation therefore arrives at a pivotal moment. Currently, the corporation continues to accelerate debt recovery efforts, resolve legacy assets from the original banking intervention, and strengthen Nigeria’s broader financial system.

Going forward, stakeholders will watch closely to see how Yuguda balances these priorities against AMCON’s approaching 2030 sunset deadline.

Source reporting: Channels Television, The Cable, Punch Nigeria, Blueprint Newspapers