Senate Confirms Lamido Yuguda As AMCON Board Chairman

The Senate has confirmed the appointment of Mr. Lamido Yuguda Abubakar as Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON), approving President Bola Tinubu’s nominee following the presentation and adoption of the report of the Senate Committee on Banking, Insurance and Other Financial Institutions.

The confirmation came after the committee’s report was presented during plenary by its chairman, Senator Adetokunbo Abiru (Lagos East).

The motion to receive and consider the report was moved by Senator Abiru and seconded by Senator Victor Umeh (Anambra Central).

Presenting the report, Senator Abiru noted that Yuguda had previously appeared before the committee on two occasions—first as a nominee for membership of the Monetary Policy Committee (MPC) and later for confirmation as Deputy Governor of the Central Bank of Nigeria (CBN).

He said: “The committee was satisfied with the nominee’s qualifications, competence and experience, and recommended his confirmation as part-time Chairman of the AMCON Board.”

Following the presentation, the Senate adopted the committee’s recommendation and unanimously confirmed Yuguda through a voice vote.

Announcing the decision, the President of the Senate declared Yuguda duly confirmed as Chairman of the Board of AMCON.

The Senate President commended Senator Abiru and members of the Banking Committee for conducting what he described as a diligent and thorough screening exercise.

He also congratulated the confirmed nominee, expressing confidence that he would add value to AMCON and contribute to Nigeria’s economic development and financial stability.

President Tinubu had forwarded Yuguda’s nomination to the Senate on July 9, 2026, for confirmation in accordance with the provisions of the AMCON Act.

With the Senate’s approval, Yuguda takes over the leadership of the board of one of Nigeria’s key financial institutions. Established in 2010 in the aftermath of the 2008–2009 global financial crisis, AMCON was created to stabilise the banking sector by acquiring non-performing loans from deposit money banks, preserving confidence in the financial system and preventing the collapse of distressed financial institutions.

Over the years, the corporation has played a significant role in restructuring troubled assets, recovering outstanding debts from obligors, and minimising the long-term fiscal impact of banking-sector interventions.

Yuguda brings more than four decades of experience in banking, financial markets and public sector administration to the position.

He joined the Central Bank of Nigeria in 1984 as a Senior Supervisor in the Foreign Operations Department before serving as an economist in the Africa Department of the International Monetary Fund (IMF) between 1997 and 2001.

He later returned to the CBN, rising to the position of Director of the Reserve Management Department before retiring from the apex bank in 2016.

He subsequently served as Director-General of the Securities and Exchange Commission (SEC) from 2020 to 2024, during which he led reforms aimed at strengthening investor confidence, improving market transparency, and deepening Nigeria’s capital market.

He is also a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a Chartered Financial Analyst (CFA) charterholder.

Earlier in 2026, President Tinubu nominated Yuguda as Deputy Governor of the Central Bank of Nigeria, and the Senate confirmed the appointment in April, citing his extensive experience in financial regulation and economic management.

His confirmation as AMCON Board Chairman comes as the corporation intensifies efforts to recover outstanding debts, resolve legacy assets acquired during previous banking sector interventions and reinforce the stability of Nigeria’s financial system.