President Bola Tinubu has forwarded the nomination of Lamido Yuguda for confirmation as Chairman of the Board of the Asset Management Corporation of Nigeria, AMCON, to the Senate.

The request was contained in a letter addressed to Senate President Godswill Akpabio and read during plenary on Wednesday.

Tinubu said the nomination was made in line with Section 10(1)(a) of the Asset Management Corporation of Nigeria (Establishment) Act, 2019, as amended.

“I am pleased to present for confirmation by the Senate the appointment of Mr Lamido Yuguda as Chairman of the Board of the Asset Management Corporation of Nigeria, AMCON,” the President stated.

The President explained that the appointment followed the exit of the immediate past chairman of the corporation’s board.

“The Senate is invited to kindly note that the appointment of Mr Lamido Yuguda is necessitated by the exit of the immediate past chairman of the board of AMCON,” he added.

Following the presentation of the letter, Senate President Godswill Akpabio referred the nomination to the Senate Committee on Banking, Insurance and Other Financial Institutions for screening and further legislative consideration.

The committee is expected to submit its report to the Senate within two weeks.