The Senate on Thursday confirmed Mr. Lamido Yuguda Abubakar as Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON), charging him to deploy his vast experience to strengthen the country’s financial system and accelerate debt recovery.
The confirmation followed the adoption of the report of the Senate Committee on Banking, Insurance and Other Financial Institutions during plenary.
Presenting the report, Chairman of the committee, Senator Adetokunbo Abiru (APC, Lagos East), said Yuguda emerged qualified for the position after lawmakers scrutinised his credentials and found him fit based on his wealth of experience in banking, financial regulation and public service.
Abiru noted that the committee was already familiar with Yuguda’s competence, having previously screened him during his nominations as a member of the Monetary Policy Committee (MPC) and later as Deputy Governor of the Central Bank of Nigeria (CBN).
“The committee is satisfied that the nominee possesses the requisite qualifications, experience and integrity to serve as part-time Chairman of the Board of AMCON and therefore recommends that the Senate confirm his appointment,” Abiru said.
The motion for the adoption of the report was seconded by Senator Victor Umeh (LP, Anambra Central) before lawmakers unanimously approved the nomination through a voice vote.
Announcing the resolution, the President of the Senate formally confirmed Yuguda’s appointment and expressed confidence that his extensive experience would strengthen AMCON’s operations and enhance stability in Nigeria’s financial sector.
He also commended Senator Abiru and members of the committee for conducting what he described as a thorough screening exercise.
President Bola Ahmed Tinubu had forwarded Yuguda’s nomination to the Senate on July 9, 2026, in line with the provisions of the AMCON Act.
Yuguda assumes office at a critical period when AMCON is intensifying efforts to recover huge outstanding debts, resolve legacy assets and reinforce confidence in Nigeria’s banking industry.
Established in 2010 in the aftermath of the global financial crisis, AMCON was created to acquire non-performing loans from banks, prevent the collapse of distressed financial institutions and safeguard stability in the nation’s financial system.
Yuguda brings over four decades of experience in banking, capital markets and financial regulation to the role.
He joined the Central Bank of Nigeria in 1984 as a Senior Supervisor in the Foreign Operations Department and later served as an economist with the International Monetary Fund (IMF) between 1997 and 2001.
After returning to the CBN, he rose to become Director of the Reserve Management Department before retiring in 2016. He subsequently served as Director-General of the Securities and Exchange Commission (SEC) from 2020 to 2024, where he championed reforms aimed at boosting transparency, investor confidence and the growth of Nigeria’s capital market.
A Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a Chartered Financial Analyst (CFA), Yuguda is expected to provide strategic leadership as AMCON steps up efforts to recover bad loans, resolve troubled assets and support the stability of the nation’s banking sector.
