Yuguda Gets Senate Nod as Deputy CBN Governor Amid Strong Endorsements

The Nigerian Senate has 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, the Chairman of the Committee, Senator Adetokunbo Abiru (Lagos East), informed the Senate that Yuguda was qualified for the position based on his extensive knowledge and years of work experience, in line with Section 8(1) of the CBN Act.
He stated that the nominee demonstrated strong financial and monetary expertise during his screening earlier in the day. He added that no petition was filed against Yuguda and urged the Senate to approve his nomination.
Senator Danjuma Goje (Gombe Central) seconded the motion for confirmation, noting that President Bola Tinubu made the right choice. This prompted the President of the Senate, Godswill Akpabio, to put the nomination to a voice vote, which received overwhelming support from lawmakers.
In his remarks after the confirmation, Akpabio reiterated that Yuguda is a square peg in a square hole and commended President Tinubu for making a suitable appointment.
Earlier, during the screening exercise, Yuguda—who was nominated by President Tinubu the previous Wednesday—was accorded the privilege of “take a bow and go” by the Senate Committee on Banking, Insurance and other Financial Institutions.
Although the committee chairman, Senator Abiru, had initially intended for members to question the nominee on monetary and fiscal policies due to the importance of the position, Senator Osita Izunaso (Imo West) moved a motion for Yuguda to take a bow and go.
The motion, seconded by Senator Sarafadeen Alli (Oyo South), was based on Yuguda’s prior screenings for key positions, where he was found to be highly qualified.
Izunaso explained that the nominee had previously been screened for roles such as Director General of the Securities and Exchange Commission (SEC) and as a member of the CBN’s monetary control, adding that his performance in those roles demonstrated his competence.
He further noted that his personal experience as Chairman of the Senate Committee on Capital Market gave him confidence in Yuguda’s suitability for the position, describing him as eminently qualified for the role of Deputy Governor of the CBN.