Sunday Aborisade in Abuja
The Senate on Thursday confirmed the nomination of Lamido Yuguda for appointment as the Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON).
The resolution of the red chamber followed its consideration and adoption of the recommendation of the Senate Committee on Banking, Insurance and Other Financial Institutions that screened Yuguda for the appointment.
The Chairman of the Committee, Senator Mukhail Adetokunbo Abiru (Lagos East) presented the report during plenary.
President Bola Tinubu had forwarded Yuguda’s nomination to the Senate on July 9, 2026, for confirmation in accordance with the provisions of the AMCON Act.
With the Senate’s approval, Yuguda assumes the chairmanship of the board of one of Nigeria’s most critical financial institutions, established in 2010 to stabilise the banking sector following the 2008–2009 financial crisis by acquiring non-performing loans from deposit money banks and helping preserve confidence in the country’s financial system.
Over the years, AMCON has played a central role in preventing the collapse of distressed financial institutions, restructuring troubled assets and recovering outstanding debts from obligors, as part of efforts to safeguard financial stability and minimise the long-term cost of banking sector interventions.
A seasoned economist and financial regulator, Yuguda comes with more than four decades of experience in banking, financial markets and public sector management to the position.
He began his career at the Central Bank of Nigeria (CBN) in 1984 as a Senior Supervisor in the Foreign Operations Department before serving as an economist in the Africa Department of the International Monetary Fund (IMF) from 1997 to 2001.
He later returned to the CBN, where he rose to become Director of the Reserve Management Department before retiring from the apex bank in 2016.
Yuguda then served as Director-General of the Securities and Exchange Commission (SEC) from 2020 to 2024, overseeing reforms aimed at strengthening investor confidence, enhancing market transparency and deepening Nigeria’s capital market.
He is also a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a Chartered Financial Analyst (CFA) charter-holder.
In March 2026, President Tinubu nominated him as Deputy Governor of the Central Bank of Nigeria, and the Senate confirmed the appointment in April, citing his extensive experience in financial regulation and economic management.
His confirmation as AMCON Board Chairman comes at a time when the corporation continues efforts to accelerate the recovery of outstanding debts, resolve legacy assets acquired during the banking sector intervention and strengthen Nigeria’s financial system.
The Senate’s approval completes the confirmation process, paving the way for Yuguda to provide strategic oversight of the corporation as it advances its mandate of promoting financial sector stability and supporting the resilience of Nigeria’s banking industry.
Meanwhile, the Senate has adjourned plenary sittings till September 15, 2026. The adjournment is to enable Senators observe their annual vacation of about six weeks.