JUST IN: Senate Confirms Lamido Yuguda as CBN Deputy Governor

The Senate on Wednesday confirmed the appointment of Lamido Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN), describing him as “a square peg in a square hole.”

The confirmation followed the consideration of a report by the Senate Committee on Banking, Insurance and Other Financial Institutions, which cleared the nominee after a brief screening exercise.

Presenting the report, committee chairman Adetokunbo Abiru told the Senate that Yuguda was eminently qualified for the role, citing his extensive experience in the financial sector in line with Section 8(1) of the CBN Act.

He added that the nominee demonstrated strong competence in monetary and financial matters during screening and had no petitions filed against him.

The committee, therefore, recommended his confirmation as Deputy Governor of the Central Bank of Nigeria.

The motion for his confirmation was moved and seconded in the chamber by Danjuma Goje, who said President Bola Tinubu made the right choice in the appointment.

Following a voice vote, Senate President Godswill Akpabio announced overwhelming support for the nomination.

In his remarks, Akpabio also described Yuguda as “a square peg in a square hole” and commended President Tinubu for the appointment.

Earlier, Yuguda was not subjected to extensive questioning during screening, as senators adopted the “take a bow and go” tradition.

Although Abiru initially indicated that the nominee would be asked questions on monetary and fiscal policy, the process was halted after Osita Izunaso moved a motion to dispense with further interrogation.

The motion, seconded by Sarafadeen Alli, was based on Yuguda’s previous engagements with the Senate.

Izunaso noted that the nominee was already well known to lawmakers, having been screened on multiple occasions for key positions, including Director-General of the Securities and Exchange Commission and other roles within the apex bank.

He said: “Mr Chairman and Distinguished colleagues, in line with our tradition, the nominee before us for the position of Deputy Governor of the Central Bank of Nigeria is well known to us, having screened him three different times in the past for other important positions like Director-General of the Securities and Exchange Commission (SEC) and member of the Monetary Policy Committee of the CBN.

“Personally, as Chairman of the Senate Committee on Capital Market, I had close interaction with Mr Yuguda as DG SEC and found him eminently suitable for the position of Deputy Governor of the CBN nominated by President Tinubu.”

Yuguda’s confirmation comes as part of efforts to strengthen leadership at the Central Bank and reinforce confidence in Nigeria’s monetary policy framework.