President Bola Ahmed Tinubu has forwarded the name of Lamido Yuguda Abubakar to the Senate for confirmation as Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON).

The request was contained in a letter read by Senate President Godswill Akpabio during Wednesday’s plenary session.

President Tinubu said the nomination was made in line with Section 10(1)(a) of the AMCON Establishment Act, 2019, as amended.

According to the letter, Yuguda’s appointment is to fill the vacancy created by the exit of the corporation’s immediate past board chairman.

Following the announcement, Akpabio referred the nomination to the Senate Committee on Banking, Insurance and Other Financial Institutions for screening.

The committee has been directed to conclude its screening and submit its report to the Senate within two weeks.

AMCON was established in 2010 to strengthen Nigeria’s financial system by purchasing non-performing loans from banks and recovering outstanding debts.

Under the law establishing the corporation, appointments to AMCON’s board require confirmation by the Senate before they take effect.