Tinubu Seeks Senate Approval for AMCON Chair Nominee

President Bola Tinubu has formally requested the Senate to confirm his appointment of Lamido Yuguda Abubakar as the chairman of the board of the Asset Management Corporation of Nigeria (AMCON). The request was conveyed in a letter read by Senate President Godswill Akpabio during a plenary session on Wednesday.

Tinubu's nomination of Abubakar is in accordance with Section 10(1) of the Asset Management Corporation of Nigeria Establishment Act 2019, as amended. The president emphasized the necessity of this appointment due to the immediate exit of the past chairman of AMCON's board.

He expressed optimism that the Senate would act on this request without delay and hoped for an expedited confirmation process. Following the presentation of the letter, Akpabio referred the nomination to the Senate Committee on Banking, Insurance, and Financial Institutions, which is mandated to screen the nominee and submit its report to the Senate within two weeks.

AMCON was established by the federal government in 2010 to stabilize Nigeria's financial system by acquiring non-performing loans from banks and recovering outstanding debts.