Senate demands AMCON scorecard Ahead of 2030 Wind-Up, clears Yuguda for new role

The Senate Committee on Banking, Insurance and Other Financial Institutions on Tuesday directed the management of the Asset Management Corporation of Nigeria (AMCON) to begin assembling a comprehensive record of the corporation’s activities and achievements as it prepares for the end of its statutory mandate in 2030.

The committee also gave Lamido Yuguda, the AMCON Board Chairman-designate,an easy confirmation process, adopting the traditional “bow and go” approach instead of subjecting him to extensive screening.

Yuguda was recently nominated by President Bola Tinubu to chair the corporation’s board.

Established in 2010, AMCON was created by the Federal Government to restore stability to Nigeria’s banking industry by acquiring non-performing loans and distressed assets from financial institutions.

The corporation was also mandated to recover more than ₦4 trillion in toxic debts owed by major debtors, with a lifespan of 20 years scheduled to expire in 2030.

With only four years left before AMCON’s expected sunset, Senator Sani Musa (Niger East) urged the incoming board chairman, Yuguda, and the corporation’s Managing Director, Gbenga Alade, to begin documenting the agency’s performance, highlighting both its accomplishments and pending obligations.

“The issue I wish to raise is that AMCON was established to resolve challenges within the financial system, particularly non-performing loans, distressed banks and related financial obligations.

“It has a statutory lifespan and is expected to wind up around 2030. Looking at that timeline, there is a need for this committee to receive an up-to-date report on the status of AMCON.

“We need to know where the corporation stands today, what it has achieved since inception and what outstanding responsibilities remain before its expected sunset”, he asked.

Responding, the committee chairman, Senator Tokunbo Abiru (Lagos East), endorsed the request and instructed Yuguda and Alade to prepare a detailed submission addressing the issues raised by the committee.

“I have no doubt that, in the not-too-distant future, the committee will receive a comprehensive response on the issues you have highlighted.

“We deliberately decided to keep today’s exercise brief because this is already the third time the nominee has appeared before us.

“We know him quite well, so today’s exercise has been more of a formal interaction”, he said.