The Senate Committee on Banking, Insurance and Other Financial Institutions has ordered the Asset Management Corporation of Nigeria (AMCON) to compile a thorough record of its activities as it approaches its mandated 2030 expiration date. This instruction was provided by the committee, led by Senator Tokunbo Abiru, during the confirmation hearing for Lamido Abubakar Yuguda, who was nominated by President Bola Ahmed Tinubu to chair the AMCON board.
During the session, Yuguda was granted a routine confirmation without undergoing intense questioning, as legislators acknowledged his prior experience and professional history. Established in 2010 to restore stability to the Nigerian banking industry by absorbing distressed assets and bad loans, AMCON was created with a specific 20-year timeline for its operations.
Senator Sani Musa requested that both the board chairman and the Managing Director, Gbenga Alade, produce an exhaustive status report. This documentation is expected to detail the agency’s successes, ongoing hurdles, and remaining obligations before it concludes its functions. Senator Abiru confirmed that the committee expects a transparent account of the corporation’s current standing to ensure a smooth transition by 2030. The Senate affirmed its intention to keep overseeing AMCON’s performance to ensure it meets its legal goals before its scheduled sunset.
