President Tinubu Nominates Lamido Yuguda Abubakar as AMCON Chairman
President Bola Tinubu has formally forwarded the name of Lamido Yuguda Abubakar to the Nigerian Senate for confirmation as the chairman of the board of the Asset Management Corporation of Nigeria (AMCON). The nomination was contained in a letter read by Senate President Godswill Akpabio during plenary on Wednesday, July 8, 2026.
According to the letter, Tinubu cited Section 10(1)(a) of the Asset Management Corporation of Nigeria (Establishment) Act, 2019, as amended, as the legal basis for the nomination. The president noted that the appointment was necessitated by the expiration of the tenure of the former board chairman. The letter stated: "I am pleased to present for confirmation by the Senate the appointment of Mr Lamido Yuguda Abubakar as chairman of the board of the Asset Management Corporation of Nigeria (AMCON)."
Senate Refers Nomination to Banking Committee for Review
After the letter was read, Senate President Godswill Akpabio referred the nomination to the Senate Committee on Banking, Insurance and Other Financial Institutions for further legislative action. The committee has been tasked with screening the nominee and reporting back to the Senate within two weeks. Akpabio expressed confidence that the committee would conduct a thorough review.
President Tinubu had urged the Senate to consider and confirm the nominee expeditiously, adding: "While it is my hope that the Senate will consider and confirm the nominee expeditiously, please accept, distinguished Senate President, the assurances of my highest consideration."
Background on AMCON and Its Role in Nigeria's Financial System
AMCON was established by the Federal Government in 2010 to stabilize the financial system in Nigeria by acquiring non-performing loans from banks and recovering outstanding debts. According to the establishing law, all appointments to the board must be confirmed by the Senate. The corporation has played a key role in resolving bad loans and strengthening the banking sector.
Mixed Reactions from Nigerians
The announcement has generated mixed reactions from Nigerians. Some expressed optimism, while others criticized the appointment. Uzomajp Kingsley commented: "We shall continue to express optimism but still be watchful over them now more than ever." Dani Mbanasor criticized Tinubu, saying: "Thunder fire anyone who abused late PMB for appointing all North. You see this regime, it's the worst thing that has happened to Nigeria." Chigozie Ezeobi warned the presidency not to deny the appointment later: "You don dey create another one, make una no deny later oo." Anthony Steve Oluchi predicted swift confirmation: "He doesn't need to seek; it's already approved."
