The Senate Committee on Banking, Insurance and Other Financial Institutions on Tuesday directed the management of the Asset Management Corporation of Nigeria (AMCON) to begin assembling a comprehensive record of the corporation’s activities and achievements as it prepares for the end of its statutory mandate in 2030.
The committee also gave Lamido Yuguda, the AMCON Board Chairman-designate,an easy confirmation process, adopting the traditional “bow and go” approach instead of subjecting him to extensive screening.
Yuguda was recently nominated by President Bola Tinubu to chair the corporation’s board.
Established in 2010, AMCON was created by the Federal Government to restore stability to Nigeria’s banking industry by acquiring non-performing loans and distressed assets from financial institutions.
The corporation was also mandated to recover more than ₦4 trillion in toxic debts owed by major debtors, with a lifespan of 20 years scheduled to expire in 2030.
With only four years left before AMCON’s
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