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The Nigerian Senate has confirmed the appointment of Lamido Yuguda as Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON), following the adoption of a report by the Senate Committee on Banking, Insurance and Other Financial Institutions.
The confirmation came after the committee, chaired by Senator Mukhail Adetokunbo Abiru (Lagos East), presented its report during plenary, recommending Yuguda’s nomination for approval.
President Bola Ahmed Tinubu had submitted Yuguda’s nomination to the Senate on July 9, 2026, in accordance with the provisions of the AMCON Act.
The confirmation places Yuguda at the helm of one of Nigeria’s key financial stability institutions. Established in 2010 in response to the banking crisis that followed the 2008–2009 global financial downturn, AMCON was created to acquire non-performing loans from financial institutions, stabilise the banking sector, and restore confidence in Nigeria’s financial system.
Over the years, the corporation has played a significant role in resolving distressed assets, supporting troubled financial institutions, recovering outstanding debts, and reducing systemic risks within the banking industry.
Yuguda brings more than 40 years of experience spanning banking regulation, capital markets, and public sector financial management.
He joined the Central Bank of Nigeria (CBN) in 1984 as a Senior Supervisor in the Foreign Operations Department before serving as an economist in the African Department of the International Monetary Fund (IMF) between 1997 and 2001. Upon his return to the CBN, he held several leadership positions, eventually becoming Director of the Reserve Management Department before retiring from the apex bank in 2016.
He later served as Director-General of the Securities and Exchange Commission (SEC) from 2020 to 2024, where he oversaw initiatives aimed at strengthening market transparency, enhancing investor confidence, and advancing the development of Nigeria’s capital market.
Yuguda is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and also holds the Chartered Financial Analyst (CFA) designation, reflecting his extensive expertise in finance and investment management.
Earlier in 2026, President Tinubu nominated him for the position of Deputy Governor of the Central Bank of Nigeria, an appointment that received Senate confirmation in April in recognition of his extensive experience in financial regulation and economic policy.
His appointment as AMCON Board Chairman comes at a time when the corporation is intensifying efforts to recover outstanding obligations, resolve legacy assets acquired during previous banking sector interventions, and strengthen the resilience of Nigeria’s financial system.
With the Senate’s confirmation now complete, Yuguda is expected to provide strategic leadership as AMCON continues to execute its mandate of supporting financial sector stability and safeguarding confidence in the country’s banking industry.
In a separate development, the Senate adjourned plenary until September 15, 2026, for its annual legislative recess, allowing lawmakers to embark on a six-week vacation.
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