By Samuel Akpan
President Bola Tinubu has nominated Lamido Yuguda Abubakar as the new Chairman of the Asset Management Corporation of Nigeria (AMCON) board, succeeding the previous chairman.
The official nomination letter was read by Senate President Godswill Akpabio during Wednesday’s plenary session.
“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),” the letter stated.
The President noted that the nomination became necessary after the previous chairman left office.
“The Senate is invited to kindly note that the appointment of Mr Lamido Yuguda Abubakar is necessitated by the exit of the immediate past chairman of the board of AMCON,” Tinubu wrote.
Under the law establishing AMCON, appointments to the board require Senate confirmation.
The corporation was set up by the Federal Government in 2010 to help stabilise the financial system through the acquisition of non-performing loans from banks and the recovery of outstanding debts.
Tinubu expressed confidence that the upper chamber would handle the request promptly.
“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,” the President said.
Senate President Akpabio immediately referred the nomination to the Senate Committee on Banking, Insurance and Other Financial Institutions for screening.
The committee has been directed to conduct the necessary checks and present its report to the Senate within two weeks.
The nomination was made pursuant to Section 10(1)(a) of the Asset Management Corporation of Nigeria (Establishment) Act, 2019, as amended.