The Senate has confirmed the appointment of Lamido Yuguda as Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON).
Yuguda’s confirmation followed a nomination by President Bola Tinubu, who forwarded his name to the Senate on July 9, 2026, in line with the provisions of the AMCON Act.
The Senate Committee on Banking, Insurance and Other Financial Institutions had earlier screened Yuguda and cleared him for the position.
During the screening, lawmakers described the nominee as eminently qualified, noting his previous experience and appointments to key positions in Nigeria’s financial sector. The committee subsequently allowed him to “take a bow and go,” in accordance with Senate tradition for nominees who have previously undergone legislative screening.
Yuguda currently serves as Deputy Governor of the Central Bank of Nigeria (CBN), overseeing Financial System Stability. He had also previously served as Director-General of the Securities and Exchange Commission (SEC).
The appointment followed the exit of the immediate past chairman of the AMCON board.
AMCON, established in 2010, plays a critical role in Nigeria’s financial system by addressing non-performing loans and distressed banking assets, with the broader objective of maintaining stability and confidence in the banking sector.
The Senate committee also directed AMCON management to provide lawmakers with an update on the corporation’s operations, financial position and preparations for the eventual expiration of its statutory mandate, expected around 2030.
