BREAKING: CBN Leadership Shift as Senate Confirms Yuguda as Deputy Governor

The Nigerian Senate on Wednesday confirmed Lamido Yuguda as the Deputy Governor of the Central Bank of Nigeria (CBN).

The confirmation follows his screening and clearance by the Senate Committee on Banking, Insurance and Other Financial Institutions.

Recall that President Bola Tinubu had, in March, approved the appointment of Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN), subject to confirmation by the Senate.

The appointment is in accordance with Section 8(1) of the Central Bank of Nigeria Act, 2007.

According to a statement by the Special Adviser to Tinubu on Information and Strategy, Bayo Onanuga, Yuguda’s nomination follows the recent appointment of the erstwhile Deputy Governor, Mr Bala Bello, as Special Adviser to the President on Political Economy.

The President later requested Yuguda’s confirmation by the lawmakers.

Naija News reports that Yuguda was given the privilege of a “take a bow and go” during his screening on Wednesday morning by the Senate Committee before the start of plenary.

Chairman of the committee, Senator Adetokunbo Abiru, had initially indicated that the nominee should field questions on monetary and fiscal policy, given the strategic importance of the office.

However, this was overtaken by a motion moved by Senator Osita Izunaso, who urged the panel to adopt the long-standing Senate tradition for well-known and previously vetted nominees.

Izunaso, whose motion was seconded by Senator Sarafadeen Alli (Oyo South), noted that Yuguda had undergone multiple screenings in the past for key national assignments, including his role as Director-General of the Securities and Exchange Commission (SEC) and as a member of the CBN’s monetary policy structure.

He said the nominee had consistently demonstrated competence and integrity in previous roles.

He added that lawmakers were already familiar with his track record.

Following a voice vote, the committee unanimously endorsed the motion, effectively clearing Yuguda for confirmation.