The Senate has confirmed the appointment of Lamido 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 by the Senate Committee on Banking, Insurance and Other Financial Institutions, which cleared the nominee after a brief screening process.
Presenting the report, Chairman of the committee, Adetokunbo Abiru, told the chamber that Yuguda met the requirements for the role in line with Section 8(1) of the CBN Act and possesses extensive experience in financial and monetary policy.
He added that the nominee demonstrated strong expertise during his screening and that no petitions were filed against him, urging the Senate to approve the appointment.
The motion for confirmation was seconded by Danjuma Goje, who said, “President Bola Tinubu made the right choice on the appointment.”
Following a voice vote, Senate President Godswill Akpabio announced the confirmation, with lawmakers overwhelmingly backing the nomination.
In his remarks, Akpabio reiterated that Yuguda is “a square peg in a square hole” and commended Bola Tinubu for what he described as a well-considered appointment.
Earlier, the nominee was not subjected to extensive questioning, as lawmakers adopted the “take a bow and go” approach.
Although Senator Abiru had initially indicated interest in questioning Yuguda on monetary and fiscal issues, the process was halted after Osita Izunaso moved a motion to dispense with it, citing the nominee’s familiarity with the Senate.
The motion, seconded by Sarafadeen Alli, was based on Yuguda’s previous screenings for key roles, including Director-General of the Securities and Exchange Commission (SEC) and other positions within the CBN.
Izunaso 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 ongoing efforts to strengthen leadership at the apex bank and boost confidence in Nigeria’s monetary policy framework.
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