The Senate on Wednesday confirmed the appointment of Mr. Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN), describing his selection as a “square peg in a square hole” following a unanimous voice vote.
The confirmation followed the consideration of a report presented by the Senate Committee on Banking, Insurance and Other Financial Institutions, which screened and recommended Yuguda for approval.
Presenting the report, the committee chairman, Senator Adetokunbo Abiru (Lagos East), said Yuguda was eminently qualified for the role, citing his extensive experience in the financial and monetary sector in line with Section 8(1) of the CBN Act.
Abiru noted that during the screening exercise, the nominee demonstrated strong knowledge of monetary policy, financial regulation, and macroeconomic management.
He further informed the Senate that no petition or objection was received against Yuguda’s nomination, adding that the committee had unanimously recommended his confirmation.
“The nominee impressively displayed his enormous financial and monetary knowledge during the screening exercise carried out earlier in the day,” Abiru stated.
Ruling on the committee’s recommendation, Senate President Godswill Akpabio subjected the nomination to a voice vote after it was moved by Senator Danjuma Goje (Gombe Central) and seconded by Senator Adesafurado Alli (Oyo South). The nomination was overwhelmingly approved by senators present.
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Goje commended the appointment, stating that President Bola Tinubu had made the right choice in selecting Yuguda for the position.
Following the confirmation, Senate President Akpabio praised the nominee and described his appointment as fitting and well deserved.
“Square peg in a square hole,” Akpabio said, while also commending President Tinubu for what he termed a highly suitable selection for a key monetary institution.
Earlier in the day, Yuguda enjoyed what lawmakers described as a “take a bow and go” treatment during his screening before the committee, a tradition often reserved for nominees considered highly qualified or familiar to the Senate.
Although the committee chairman initially encouraged detailed questioning on monetary and fiscal policy issues, Senator Osita Izunaso (Imo West) moved a motion for Yuguda to be allowed to take a bow and proceed without interrogation.
The motion was seconded by Senator Sarafadeen Alli (Oyo South), and was adopted by members of the committee.
Izunaso justified the gesture by noting that Yuguda had previously been screened multiple times for top financial positions and had consistently proven his competence.
“We have screened him three different times in the past for important positions, including Director-General of the Securities and Exchange Commission and membership of monetary control structures at the CBN,” Izunaso said.
He added that his personal experience working with Yuguda at the National Assembly further confirmed his suitability for the CBN role.
Lamido Yuguda has previously served in key regulatory and financial management roles, including as Director-General of the Securities and Exchange Commission (SEC).
His appointment as Deputy Governor of the CBN was nominated by President Bola Tinubu last week.
With Senate confirmation completed, Yuguda is expected to join the apex bank’s leadership team at a time when Nigeria continues to grapple with inflationary pressures, exchange rate volatility, and ongoing monetary policy reforms aimed at stabilising the economy.