The Senate Committee on Banking, Insurance and Other Financial Institutions on Tuesday, July 21, 2026, cleared Lamido Yuguda Abubakar for appointment as Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON).
Yuguda was allowed to “take a bow and go” after lawmakers cited his previous Senate screenings for other senior public appointments.
President Bola Tinubu had forwarded Yuguda’s nomination to the Senate on July 8, 2026. The nomination was subsequently referred to the banking committee for consideration.
Presenting the nominee, the Special Adviser to the President on National Assembly Matters (Senate), Senator Basheer Lado, said the nomination complied with Section 10(1)(a) of the AMCON Establishment Act, 2019, as amended.
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Yuguda, the Central Bank of Nigeria Deputy Governor in charge of Financial System Stability, thanked the committee for the opportunity to appear before it.
The committee chairman, Senator Mukhail Adetokunbo Abiru (Lagos East), said lawmakers were already familiar with Yuguda’s credentials, having previously screened him for other national assignments.
Senator Orji Uzor Kalu (Abia North) moved the motion for Yuguda to take a bow and go, while Senator Mohammed Sani Musa (Niger East) seconded it.
The committee subsequently cleared Yuguda for the AMCON chairmanship and requested a comprehensive briefing from the corporation on its operations and preparations for its planned wind-down in 2030.