- Safiu Kehinde
The Senate has confirmed the appointment of Lamido Yuguda as Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON).
Yuguda’s name was on the 9th of July submitted before the Senate by President Bola Tinubu for confirmation as the new AMCON boss in compliance with the provision of the corporation’s Act.
Following the consideration and adoption of the report of the Senate Committee on Banking, Insurance and Other Financial Institutions, presented during plenary by the committee’s Chairman, Senator Adetokunbo Abiru (Lagos East), the red chamber confirmed Yuguda’s appointment.
According to reports, the Senate’s approval will see Yuguda assume the chairmanship of the board of one of Nigeria’s most critical financial institutions.
Established in 2010, AMCON was saddled with the responsibility of stabilising the banking sector following the 2008–2009 financial crisis by acquiring non-performing loans from deposit money banks and helping preserve confidence in the country’s financial system.
Over the years, AMCON has played a central 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 minimise the long-term cost of banking sector interventions.
A seasoned economist and financial regulator, Yuguda brings more than four decades of experience in banking, financial markets and public sector management to the role.
He began his career at the Central Bank of Nigeria (CBN) in 1984 as a Senior Supervisor in the Foreign Operations Department before serving as an economist in the Africa Department of the International Monetary Fund (IMF) from 1997 to 2001.
Yuguda later returned to the CBN, where he rose to become Director of the Reserve Management Department before retiring from the apex bank in 2016.
He subsequently served as Director-General of the Securities and Exchange Commission (SEC) from 2020 to 2024, overseeing reforms aimed at strengthening investor confidence, enhancing market transparency and deepening Nigeria’s capital market.
He is also a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a Chartered Financial Analyst (CFA) charterholder.