Senate Confirms Lamido Yuguda as CBN Deputy Governor

The Senate on Wednesday confirmed the appointment of Mr Lamido Abubakar 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 presented by the Senate Committee on Banking, Insurance and Other Financial Institutions.

Presenting the report, Chairman of the Committee, Senator Adetokunbo Abiru (Lagos East), said Yuguda was suitable for the position based on his competence, experience, and strong understanding of financial and monetary policies.

Abiru explained that the nomination was in line with Section 8(1) of the CBN Act and noted that the nominee performed impressively during his screening earlier in the day.

According to him, Yuguda demonstrated deep knowledge of the financial sector and monetary policy management, while no petition was received against his nomination.

He therefore urged the Senate to approve his appointment as Deputy Governor of the apex bank.

Senator Danjuma Goje (Gombe Central) seconded the motion, stating that President Bola Ahmed Tinubu made the right choice by nominating Yuguda for the strategic office.

Following the motion, Senate President Godswill Akpabio put the confirmation to a voice vote, which received overwhelming support from lawmakers.

Speaking after the approval, Akpabio described Yuguda as “a square peg in a square hole,” and commended President Tinubu for appointing a highly qualified person to serve as Deputy Governor of the CBN.

Earlier, before the confirmation, Yuguda was granted the Senate’s traditional “take a bow and go” privilege during his screening by the Committee on Banking, Insurance and Other Financial Institutions.

Although Senator Abiru had initially proposed that committee members ask the nominee questions on monetary and fiscal policies because of the importance of the office, Senator Osita Izunaso (Imo West) moved a motion for him to be allowed to take a bow and leave.

The motion was seconded by Senator Sarafadeen Alli (Oyo South).

Izunaso argued that Yuguda was already well known to the Senate, having been screened on three previous occasions for other top positions, including Director-General of the Securities and Exchange Commission (SEC) and as a member of the monetary control structure of the CBN.

He said his track record and competence had already proven that he was eminently qualified for the new role.

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