Senate Confirms Lamido Yuguda as AMCON Board Chairman

The Senate on Thursday 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 consideration and adoption of the report of the Senate Committee on Banking, Insurance and Other Financial Institutions.

The confirmation followed the presentation of the committee’s report during plenary by its chairman, Senator Adetokunbo Abiru (APC, Lagos East). The motion for the Senate to receive and consider the report was moved by Abiru and seconded by Senator Victor Umeh (LP, Anambra Central).

Presenting the report, Abiru said the committee found Yuguda qualified for the position after reviewing his credentials and experience in the financial sector.

He recalled that Yuguda had previously appeared before the Senate for screening as a nominee to the Monetary Policy Committee (MPC) and later as Deputy Governor of the Central Bank of Nigeria (CBN), where he demonstrated sound knowledge of financial regulation and economic management.

“The committee is satisfied with the nominee’s qualifications, competence and wealth of experience, and therefore recommends that the Senate confirm his appointment as part-time Chairman of the Board of the Asset Management Corporation of Nigeria,” Abiru said.

Following the presentation, lawmakers unanimously adopted the committee’s recommendation through a voice vote, with Senate President Godswill Akpabio announcing Yuguda’s confirmation.

Akpabio commended the Banking Committee for what he described as a diligent screening process and congratulated the new AMCON board chairman, expressing confidence that his experience would strengthen the corporation and support Nigeria’s financial stability.

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

With his confirmation, Yuguda assumes leadership of the board of the asset recovery agency at a time when it is intensifying efforts to recover outstanding debts, dispose of legacy assets and conclude its resolution mandate.

Established in 2010 following the 2008–2009 global financial crisis, AMCON was created to stabilise Nigeria’s banking sector by acquiring non-performing loans from deposit money banks, preventing the collapse of distressed financial institutions and restoring confidence in the financial system. Over the years, the corporation has played a central role in restructuring troubled assets and recovering debts owed by obligors.

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

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.

On his return to the CBN, he rose to become Director of the Reserve Management Department before retiring in 2016.

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

A Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a Chartered Financial Analyst (CFA) charterholder, Yuguda is widely regarded as one of Nigeria’s leading financial sector regulators.

His appointment is expected to bolster AMCON’s ongoing efforts to enhance asset recovery, improve corporate governance and reinforce confidence in Nigeria’s financial system.