ABUJA, Nigeria (VOICE OF NAIJA)-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 and adoption 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, the committee chairman, Adetokunbo Abiru, told the Senate that Yuguda met the requirements for the role, citing his extensive experience and compliance 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 and that no petitions were filed against him.
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Abiru added that the committee found Yuguda suitable for the position and urged the Senate to confirm his appointment as Deputy Governor of the Central Bank of Nigeria.
The motion for confirmation was seconded by Danjuma Goje, who said, “President Bola Tinubu made the right choice on the appointment.”
Senate President Godswill Akpabio subsequently put the nomination to a voice vote, with lawmakers overwhelmingly approving it.
In his remarks after the confirmation, Akpabio described Yuguda as “a square peg in a square hole” and commended Bola Tinubu for what he described as an appropriate appointment.
Earlier, the nominee was not subjected to detailed questioning during his appearance before the committee, as lawmakers invoked the “take a bow and go” tradition.
Although Abiru had initially indicated interest in questioning Yuguda on monetary and fiscal policy, the move was halted after Osita Izunaso moved a motion to dispense with the exercise.
The motion, seconded by Sarafadeen Alli, was based on Yuguda’s prior engagements with the Senate.
Izunaso argued that the nominee was already well known to lawmakers, having been screened multiple times for key positions, including Director-General of the Securities and Exchange Commission and roles within the apex bank.
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 amid ongoing efforts to strengthen leadership at the Central Bank and reinforce confidence in Nigeria’s monetary policy framework.