The Senate has confirmed the nomination of Lamido Yuguda as Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON).
The confirmation followed the adoption of the report of the Senate Committee on Banking, Insurance and Other Financial Institutions, presented at plenary on Wednesday by the committee’s chairman, Senator Adetokunbo Abiru (Lagos East).
President Bola Tinubu had transmitted Yuguda’s nomination to the Senate on July 9, 2026, in accordance with the provisions of the AMCON Act.
With the confirmation, Yuguda assumes leadership of the board of the corporation, which was established in 2010 to stabilise Nigeria’s banking sector in the aftermath of the 2008–2009 global financial crisis by acquiring non-performing loans from deposit money banks and restoring confidence in the financial system.
Since its establishment, AMCON has played a key role in preventing the collapse of distressed financial institutions, restructuring troubled assets and recovering outstanding debts from obligors as part of efforts to safeguard financial stability and reduce the long-term cost of banking sector interventions.
Yuguda is an economist and financial regulator with more than 40 years of experience in banking, financial markets and public sector management.
He began his career at the Central Bank of Nigeria (CBN) in 1984 as a Senior Supervisor in the Foreign Operations Department. Between 1997 and 2001, he served as an economist in the Africa Department of the International Monetary Fund (IMF), before returning to the CBN, where he rose to become Director of the Reserve Management Department. He retired 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 reforms aimed at strengthening investor confidence, improving market transparency and deepening Nigeria’s capital market.
Yuguda is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a Chartered Financial Analyst (CFA) charterholder.
His appointment comes as AMCON intensifies efforts to recover outstanding debts, resolve legacy assets acquired during the banking sector intervention and strengthen the resilience of Nigeria’s financial system.
The Senate’s confirmation clears the way for Yuguda to provide strategic leadership for the corporation as it continues its mandate of promoting financial stability and supporting the growth of Nigeria’s banking industry.
