The Senate has directed the Asset Management Corporation of Nigeria (AMCON) to begin preparing a comprehensive report on its operations and achievements ahead of the agency’s planned closure in 2030.
The directive was issued on Tuesday by the Senate Committee on Banking, Insurance and Other Financial Institutions during the screening of Abubakar Yuguda, President Bola Tinubu’s nominee for Chairman of AMCON. The committee subsequently cleared him for the position.
Established in 2010, AMCON was created to stabilise Nigeria’s banking sector by acquiring non-performing loans (NPLs) and distressed assets from financial institutions. The corporation was also tasked with recovering more than ₦4 trillion in bad debts and was given a 20-year lifespan, which is due to expire in 2030.
With four years remaining before the corporation winds down, lawmakers said it was important to assess AMCON’s performance, achievements and outstanding responsibilities.
Speaking during the screening, Senator Sani Musa said the committee needed an up-to-date account of the corporation’s activities since its establishment.
“AMCON was created to address challenges in the financial system, particularly non-performing loans and distressed banks. As the corporation approaches the end of its statutory lifespan, it is important to know what has been achieved and what responsibilities remain before its mandate expires,” he said.
Chairman of the committee, Senator Tokunbo Abiru, endorsed the request and directed the AMCON management, including Managing Director Gbenga Alade, to provide lawmakers with a detailed report on the corporation’s operations.
Abiru also explained that Yuguda’s screening was conducted swiftly because he had previously appeared before the committee on two occasions.
“We deliberately kept today’s exercise brief because this is already the third time the nominee has appeared before us. We know him quite well, so today’s exercise was largely a formal interaction,” he said.
The Senate’s directive comes amid growing interest in AMCON’s progress in recovering bad debts and resolving legacy banking sector challenges before its mandate comes to an end in 2030.
