President Bola Tinubu has asked the Senate to confirm the appointment of Lamido Yuguda Abubakar as Chairman of the Board of the Asset Management Corporation of Nigeria.

The request was conveyed in a letter read by Senate President Godswill Akpabio during plenary on Wednesday.

In the letter, Tinubu said the nomination was made in accordance 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 Abubakar as chairman of the board of the Asset Management Corporation of Nigeria (AMCON),” the letter read.

The President explained that the nomination became necessary following 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 Abubakar is necessitated by the exit of the immediate past chairman of the board of AMCON,” Tinubu stated.

He expressed optimism that the Senate would act on the request without delay.

“While it is my hope that the Senate will consider and confirm the nominee expeditiously, please accept, distinguished Senate President, the assurances of my highest consideration,” the President said.

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

The committee was mandated to screen the nominee and submit its report to the Senate within two weeks.

AMCON was established by the Federal Government in 2010 to stabilise Nigeria’s financial system by acquiring non-performing loans from banks and recovering outstanding debts. Under the law establishing the corporation, appointments to its board are subject to confirmation by the Senate.