SENATE PANEL CLEARS YUGUDA AS AMCON BOARD CHAIRMAN

21st July 2026

The Senate Committee on Banking, Insurance and Other Financial Institutions yesterday screened and cleared the nomination of Mr. Lamido Yuguda as Chairman of the board of the Asset Management Corporation of Nigeria (AMCON).

The Red Chamber allowed Yuguda to “take a bow and go” in recognition of his previous screenings and extensive public service.

The committee, chaired by Senator Mukhail Adetokunbo Abiru (Lagos East), also called for a comprehensive briefing from AMCON on its operations and preparedness for its planned wind-down in 2030.

Presenting the nominee, the Special Adviser to the President on National Assembly Matters (Senate), Senator Basheer Lado, said Yuguda’s nomination complied with Section 10(1)(a) of the Asset Management Corporation of Nigeria (Establishment) Act, 2019, as amended.

Lado noted that Yuguda had previously appeared before the Senate for screening on other national assignments and was accompanied by senior officials of the Central Bank of Nigeria (CBN) and AMCON.

Introducing himself, Yuguda, who is the apex bank’s Deputy Governor, Financial System Stability, thanked members of the committee for the opportunity to appear before them.

Leading the committee’s deliberations, Senator Abiru said members were already familiar with the nominee’s credentials, having screened him on previous occasions.

“As all of us may recall, the nominee, Mr. Lamido Yuguda, whose résumé is before every member, has appeared before this committee on previous occasions,” Abiru said.

He added: “About two or three years ago, he appeared before us as Mr. President’s nominee. More recently, he also appeared before us for screening as Deputy Governor of the Central Bank of Nigeria.

“So, if you ask me, I think he is probably the luckiest person in this administration, having been appointed by the same President on three different occasions for three different responsibilities.

“I am sure you will agree with me that he is more than qualified for the role he is about to assume.”

The committee chairman called for a motion that the nominee be allowed to “take a bow and go,” in line with the Senate’s tradition for nominees who have previously undergone detailed legislative scrutiny.

Moving the motion, Senator Orji Uzor Kalu (Abia North) said the committee should accord the nominee the respect he deserved.

“You are absolutely correct. If we did not do this, we would not be according the nominee the respect he deserves,” Kalu said.