President Bola Ahmed Tinubu has asked the Senate to confirm the appointment of Lamido Yuguda Abubakar as Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON).
Tinubu’s request was contained in a letter read by Senate President Godswill Akpabio during plenary on Wednesday.
The President said the nomination was made in line with Section 10(1)(a) of the Asset Management Corporation of Nigeria (Establishment) Act, 2019, as amended.
“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,” the letter read.
Tinubu said the nomination followed the exit of the immediate past chairman of the AMCON board.
After reading the letter, Akpabio referred the nomination to the Senate Committee on Banking, Insurance and Other Financial Institutions.
The committee was directed to screen the nominee and report back within two weeks.
AMCON was established in 2010 to stabilise Nigeria’s financial system by acquiring non-performing loans from banks and recovering outstanding debts.
Appointments to the corporation’s board are subject to Senate confirmation.
