Senate approves Yuguda as AMCON board chairman

The Senate on Thursday confirmed the appointment of Lamido Yuguda as the part-time Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON).

The confirmation came after the upper chamber considered and adopted the report of its Committee on Banking, Insurance and Other Financial Institutions during plenary.

Presenting the report, the committee chairman, Adetokunbo Abiru (APC, Lagos East), said the panel had carefully screened the nominee and found him suitable for the position.

Abiru noted that Yuguda was already familiar to the committee, having appeared before it twice in the past, first during his screening as a member of the Monetary Policy Committee (MPC) and later as Deputy Governor of the Central Bank of Nigeria (CBN).

“The committee is satisfied with the qualifications, experience and competence of the nominee and, accordingly, recommends that the Senate confirm his appointment as part-time chairman of the board of the Asset Management Corporation of Nigeria (AMCON),” Abiru said.

The motion for the adoption of the report was seconded by Senator Victor Umeh (LP, Anambra Central).

Following the adoption of the committee’s recommendation, the Senate confirmed Yuguda’s appointment through a voice vote.

Senate President Godswill Akpabio thereafter congratulated Yuguda on his confirmation, expressing optimism that he would provide effective leadership for the corporation.

Akpabio also applauded Abiru and members of the committee for conducting what he described as a diligent screening process.

President Bola Tinubu had forwarded Yuguda’s nomination to the Senate in a letter read during plenary on July 9.

“In compliance with the provisions of section 10, subsection 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 (AMCON),” Tinubu wrote.

Yuguda began his career at the Central Bank of Nigeria in 1984 as a Senior Supervisor in the Foreign Operations Department. Between 1997 and 2001, he served as an economist at the International Monetary Fund (IMF).

On his return to the apex bank, he rose through the ranks to become Director of the Reserve Management Department before retiring in 2016.

He later headed the Securities and Exchange Commission (SEC) as Director-General from 2020 to 2024, where he supervised reforms designed to strengthen investor confidence and expand Nigeria’s capital market.

In April 2026, the Senate also confirmed his appointment as Deputy Governor of the Central Bank of Nigeria following his nomination by President Tinubu.