The Senate Committee on Banking, Insurance and Other Financial Institutions on Tuesday cleared the nomination of Central Bank of Nigeria (CBN) Deputy Governor for Financial System Stability, Lamido Yuguda, for appointment as Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON), dispensing with a formal screening and allowing him to “take a bow and go.”
The committee, chaired by Senator Mukhail Abiru (Lagos East), adopted the long-standing Senate practice of exempting nominees who have previously undergone legislative screening from another exhaustive exercise.
Presenting the nominee, the Special Adviser to the President on National Assembly Matters (Senate), Senator Basheer Lado, said Yuguda’s nomination was in compliance with Section 10(1)(a) of the AMCON (Establishment) Act, 2019, as amended.
He reminded lawmakers that Yuguda had previously appeared before the Senate on several occasions for screening into other public offices.
Abiru also noted that the nominee had been screened by the committee in the past, including for his appointment as Deputy Governor of the Central Bank of Nigeria.
“If you ask me, I think he is probably the luckiest person in this administration, having been appointed by the same President on three different occasions for three different responsibilities,” the committee chairman said.
“I am sure you will agree with me that he is more than qualified for the role he is about to assume.”
Following the remarks, former Abia State Governor and Senator representing Abia North, Orji Uzor Kalu, moved a motion that the nominee be allowed to take a bow and go.
Kalu said President Bola Tinubu’s repeated appointments of Yuguda to strategic national positions demonstrated the confidence reposed in his competence.
The motion was seconded by Senator Mohammed Sani Musa (Niger East), after which it was unanimously adopted by members of the committee through a voice vote.
Responding after the confirmation process, Yuguda simply thanked the committee before taking a bow.
Meanwhile, Senator Sani Musa urged the committee to invite AMCON’s management for a comprehensive briefing on the corporation’s operations ahead of its statutory wind-down.
He noted that AMCON was established to resolve non-performing loans and stabilise the banking sector, but with its expected sunset around 2030, lawmakers needed an update on its achievements, outstanding obligations and readiness to conclude its mandate.
“We need to know where the corporation stands today, what it has achieved since inception and what outstanding responsibilities remain before its expected sunset,” he said.
Responding, Chairman Abiru assured members that the committee would soon invite AMCON’s leadership to provide a detailed account of its activities, explaining that Tuesday’s session was intentionally brief because Yuguda had previously been screened by the Senate on multiple occasions.
The committee is expected to submit its report to the Senate for confirmation of Yuguda’s appointment as Chairman of the AMCON Board.