President Bola Tinubu has formally asked the Senate to confirm the appointment of Lamido Yuguda Abubakar as Chairman of the Board of the Asset Management Corporation of Nigeria.
The request was contained in a letter presented by Senate President Godswill Akpabio during Wednesday’s plenary.
According to the President, the nomination was made in line with Section 10(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,” the letter stated.
President Tinubu explained that the appointment became necessary following the exit of the immediate past chairman of the corporation’s board.
“The Senate is invited to kindly note that the appointment of Mr. Lamido Yuguda Abubakar is necessitated by the exit of the immediate past chairman of the board of AMCON,” he said.
The President also urged the upper legislative chamber to give the nomination prompt consideration.
“While it is my hope that the Senate will consider and confirm the nominee expeditiously, please accept, Distinguished Senate President, the assurances of my highest consideration,” the letter added.
Following the reading of the correspondence, Senate President Akpabio referred the nomination to the Senate Committee on Banking, Insurance and Other Financial Institutions for further legislative action.
The committee has been directed to screen the nominee and submit its report to the Senate within two weeks.
Established in 2010, AMCON was created by the Federal Government to help stabilise Nigeria’s financial system by acquiring non-performing loans from banks and recovering outstanding debts. Under the law establishing the corporation, appointments to its board require confirmation by the Senate.
