President Bola Tinubu has written to the Nigerian Senate seeking confirmation of Lamido Yuguda Abubakar as the next Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON). The request is contained in a letter addressed to Senate President Godswill Akpabio and read during Senate plenary on Wednesday, according to multiple reports. The outlets say Tinubu presents the nomination for confirmation in line with the AMCON Act, including section 10(1)(a) as amended, and following the exit of the immediate past AMCON chairman.
After the letter is read, Akpabio refers the nomination to the Senate Committee on Banking, Insurance and Other Financial Institutions for screening. Nigerian Eye reports that the committee is tasked to submit its report within two weeks, while other sources describe the expectation that the Senate will confirm the appointment to help stabilise the country’s financial system. AMCON, established in 2010, is designed to acquire non-performing loans from banks and recover outstanding debts, with Senate confirmation required for board appointments under the enabling law.
