President Bola Tinubu has nominated Lamido Yuguda Abubakar as Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON), subject to Senate confirmation.
The nomination was conveyed in a letter read by President of the Senate, Godswill Akpabio, during plenary.
According to the letter read on Wednesday, the nomination was made pursuant to Section 10(1)(a) of the Asset Management Corporation of Nigeria (Establishment) Act, 2019 (as amended).
Tinubu said the appointment followed the exit of the immediate past chairman of the corporation’s board.
“I am pleased to present for confirmation by the Senate the appointment of Lamido Yuguda Abubakar as Chairman of the Board of the Asset Management Corporation of Nigeria,” the President stated.
He expressed confidence that the Senate would give the nomination expeditious consideration and confirmation.
Following the presentation of the letter, Akpabio referred the nomination to the Senate Committee on Banking, Insurance and Other Financial Institutions for further legislative action.
The committee was mandated to screen the nominee and submit its report to the Senate within two weeks.
Established in 2010, AMCON was created to stabilise Nigeria’s financial system by acquiring non-performing loans from banks and recovering outstanding debts. Under its enabling law, appointments to the corporation’s board are subject to Senate confirmation.