Senate Confirms Yuguda for CBN deputy governor

The Senate on Wednesday confirmed Lamido Yuguda as Deputy Governor of the Central Bank of Nigeria after considering and adopting the report of the Senate Committee on Banking, Insurance and Other Financial Institutions, which cleared him for the position.

The confirmation followed a review of the committee’s findings presented before lawmakers by committee chairman Adetokunbo Abiru, who said the nominee met the legal requirements for the office under the Central Bank Act and possessed the experience needed for the role.

Abiru told the Senate that Yuguda showed strong knowledge of financial and monetary matters during his screening and that no petitions or objections were received against his nomination. Based on those findings, the committee recommended his confirmation.

The motion for his confirmation was seconded by Senator Danjuma Goje, who backed the nomination and described the choice as appropriate. Senate President Godswill Akpabio later put the matter to a voice vote, with lawmakers approving the nomination.

Following the confirmation, Akpabio commended President Bola Tinubu for the appointment and described Yuguda as well suited for the office.

Earlier before the confirmation, Yuguda was not subjected to detailed questioning during his appearance before the Senate committee after lawmakers applied the chamber’s “take a bow and go” tradition.

The decision followed a motion raised by Senator Osita Izunaso, who argued that the nominee was already familiar to the Senate because of previous screenings for top public offices. The motion was supported by Senator Sarafadeen Alli and accepted by the committee.

Izunaso said Yuguda had appeared before lawmakers in the past for important national assignments, including his service as Director-General of the Securities and Exchange Commission and other responsibilities linked to the nation’s financial system.

Because of his previous experience and past interactions with the Senate, lawmakers agreed there was no need for an extended screening process.

The confirmation comes as efforts continue to strengthen the leadership structure of the Central Bank and support confidence in Nigeria’s monetary management.

Yuguda brings years of experience in financial regulation and public sector service to the office. His appointment is expected to support the apex bank’s operations at a time the country is focused on monetary stability and economic reforms.

His confirmation also fills a key leadership role within the Central Bank as the institution continues implementing policies aimed at managing inflation, exchange rate pressures and broader financial sector challenges.

The Senate’s approval completes the legislative process for his appointment, allowing him to assume office as Deputy Governor of the Central Bank of Nigeria.