President Bola 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).
The request was contained in a letter read by Senate President, Godswill Akpabio, during plenary on Wednesday.
According to the President, the nomination was made in line with Section 10(1)(a) of the AMCON 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 stated.
Tinubu explained that the nomination became necessary following the exit of the immediate past chairman of the corporation’s board.
“The appointment of Mr. Lamido Yuguda Abubakar is necessitated by the exit of the immediate past chairman of the board of AMCON,” he said.
The President urged the Senate to give the nomination expeditious consideration.
Following the presentation of the letter, the Senate President referred the request 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 within two weeks.
Established in 2010, AMCON was created by the Federal Government to stabilise Nigeria’s financial system through the acquisition of non-performing loans from banks and the recovery of outstanding debts. Under the law establishing the corporation, appointments to its board are subject to Senate confirmation.
