Senate Confirms Lamido Yuguda as CBN Deputy Governor, Hails Tinubu’s Choice

By Janet Salihu

The Nigerian Senate on Wednesday confirmed the appointment of 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 and adoption of a report presented by the Senate Committee on Banking, Insurance and Other Financial Institutions.

Presenting the report, the Chairman of the Committee, Adetokunbo Abiru (Lagos East), informed the Senate that the nominee was well qualified for the position based on his extensive knowledge and professional experience in financial and monetary management.

Abiru said the committee found Yuguda suitable for the role in accordance with Section 8(1) of the CBN Act, noting that the nominee demonstrated deep understanding of financial and monetary policies during his screening.

He also told the Senate that no petition was received against the nominee and therefore urged lawmakers to approve his appointment.

The motion for Yuguda’s confirmation was seconded by Danjuma Goje (Gombe Central), who said Bola Ahmed Tinubu had made the right choice in nominating him for the position.

Following the motion, the President of the Senate, Godswill Akpabio, put the nomination to a voice vote, which was overwhelmingly supported by senators present.

In his remarks after the confirmation, Akpabio described Yuguda as “a square peg in a square hole,” adding that the Senate appreciated President Tinubu for what he described as a very suitable nomination.

Earlier, during the screening session before the committee, Yuguda was accorded the parliamentary privilege of “take a bow and go,” a procedure usually reserved for nominees who are already well known to lawmakers.

Although the committee chairman initially suggested that the nominee be asked questions on monetary and fiscal policies due to the importance of the position, a member of the committee, Osita Izunaso (Imo West), moved a motion for Yuguda to be allowed to take a bow and leave.

The motion, which was seconded by Sarafadeen Alli (Oyo South), was supported by committee members.

Izunaso explained that the Senate had screened Yuguda on several occasions in the past for key national assignments and found him highly competent.

He recalled that Yuguda had previously appeared before the Senate for positions including Director-General of the Securities and Exchange Commission (SEC) and as a member of the CBN’s monetary management framework.

According to him, his past performance and interactions with lawmakers demonstrated that he is eminently qualified to serve as Deputy Governor of the apex bank.