Senate panel screens AMCON chair, orders wind-down report

The Nigerian Senate's Banking Committee directed AMCON to compile a comprehensive record of its operations, achievements, and outstanding obligations ahead of the 2030 wind-down. This directive coincided with the screening and confirmation of Lamido Yuguda as AMCON board chair, where lawmakers opted for a 'bow and go' treatment due to familiarity with his credentials. AMCON was created in 2010 to stabilise the banking sector by acquiring non-performing loans and distressed assets and to recover more than 4 trillion naira in toxic debts within a 20-year mandate ending in 2030. Senators pressed for an up-to-date status report detailing progress, unresolved responsibilities, and remaining recovery efforts before sunset. The push for greater transparency underscored the committee’s demand for accountability as AMCON nears the end of its statutory life, with support from the committee chairman and other lawmakers.