The Senate Committee on Banking, Insurance and Other Financial Institutions on Tuesday, July 21, 2026 officially cleared Mr. Lamido Yuguda for the position of Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON).
Following legislative tradition, Yuguda who currently serves as the Deputy Governor of Financial System Stability at the Central Bank of Nigeria (CBN) was granted the privilege to “take a bow and go.” The decision reflects his extensive history of public service and previous legislative screenings before the Senate.
The screening session was presided over by Committee Chairman Senator Mukhail Adetokunbo Abiru (Lagos East), with key dignitaries in attendance, including AMCON Managing Director Mr. Gbenga Alade, senior CBN officials, and committee members. Presenting the nominee, Senator Basheer Lado, Special Adviser to the President on National Assembly Matters (Senate), confirmed that the nomination complies with Section 10(1)(a) of the AMCON (Establishment) Act, 2019, as amended.
Highlighting Yuguda’s track record, Senator Abiru noted:
The nominee, Lamido Yuguda, has appeared before this committee on previous occasions… I am sure you will agree with me that he is more than qualified for the role he is about to assume.
Senator Abiru.
The motion to clear the nominee was moved by Senator Orji Uzor Kalu (Abia North) and seconded by Senator Mohammed Sani Musa (Niger East), both citing Yuguda’s distinguished qualifications and President Bola Ahmed Tinubu’s continued confidence in his leadership. The motion was unanimously passed following a voice vote.
Alongside the clearance, the Senate Committee mandated AMCON’s management to provide a detailed briefing on the corporation’s current financial status, asset recovery progress, and operational readiness as it approaches its statutory exit date in 2030.
Senator Musa emphasized the necessity of the update, noting that AMCON was established in 2010 to resolve non-performing loans and stabilize Nigeria’s banking sector post-financial crisis.
We need to know where the corporation stands today, what it has achieved since inception, and what outstanding responsibilities remain before its expected sunset.
Senator Sani Musa.
Senator Abiru assured committee members that AMCON’s leadership would submit a comprehensive report to address these operational and financial inquiries in the near future.
