The Senate on Wednesday confirmed the appointment of Lamido Yuguda as Deputy Governor of the Central Bank of Nigeria, 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 said Yuguda was qualified for the role due to his extensive experience, in line with Section 8(1) of the CBN Act.
He added that the nominee demonstrated strong expertise in monetary and financial matters during his screening and had no petitions against his nomination.
The committee therefore recommended his confirmation as Deputy Governor of the Central Bank of Nigeria.
The motion for his confirmation was seconded by Danjuma Goje, who stated, “President Bola Tinubu made the right choice on the appointment.”
Senate President Godswill Akpabio later subjected the motion to a voice vote, where lawmakers overwhelmingly approved the nomination.
Following the approval, Akpabio described Yuguda as “a square peg in a square hole” and commended President Bola Tinubu for the appointment.
Earlier during the screening, the nominee was not subjected to detailed questioning as senators adopted the “take a bow and go” tradition.
Although Abiru initially planned to ask questions on monetary and fiscal policy, the move was halted after Osita Izunaso moved a motion to waive the exercise.
The motion, seconded by Sarafadeen Alli, was based on Yuguda’s previous interactions with the Senate.
Izunaso noted that the nominee was already familiar to lawmakers, having been screened in the past for roles such as Director-General of the Securities and Exchange Commission and other positions at the CBN.
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 some other very important positions like Director General of Securities and Exchange Commission (SEC) and member of the monetary control of 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 CBN nominated by President Tinubu,” he said.
Yuguda’s confirmation comes as part of efforts to strengthen leadership at the Central Bank and enhance confidence in the country’s monetary policy framework.
