By Our Reporter
ABUJA (PRECISE POST) – The Nigerian Senate on Wednesday confirmed the appointment of Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN), describing him as a “square peg in a square hole” for the critical financial role.
The confirmation followed the adoption of a report presented by the Senate Committee on Banking, Insurance and Other Financial Institutions, chaired by Adetokunbo Abiru.
The committee concluded that Yuguda possesses the requisite expertise, experience, and integrity to serve in the apex bank’s leadership, in line with provisions of the CBN Act.
Presenting the report, Abiru told lawmakers that the nominee demonstrated “enormous financial and monetary knowledge” during his screening earlier in the day. He added that no petitions were filed against Yuguda, urging the Senate to approve his nomination.
The motion for confirmation was seconded by Danjuma Goje, who commended Bola Tinubu for what he described as a sound and strategic appointment. The Senate subsequently approved the nomination through a voice vote presided over by Senate President Godswill Akpabio, with overwhelming support from lawmakers.
In his remarks after the confirmation, Akpabio reiterated the Senate’s confidence in Yuguda, praising the President for making “a very suitable choice” for the nation’s monetary authority.
Earlier in the day, Yuguda’s screening took an unusual turn as he was granted the Senate’s traditional “take a bow and go” privilege—an honor typically reserved for nominees with established track records and prior engagements with the legislature.
Although the committee chairman initially indicated that members might question Yuguda on monetary and fiscal policy issues, a motion moved by Osita Izunaso and seconded by Sarafadeen Alli allowed the nominee to bypass detailed questioning.
Izunaso argued that Yuguda’s competence was already well established, noting that the Senate had screened him multiple times for high-level positions, including Director-General of the Securities and Exchange Commission (SEC) and roles within the CBN’s monetary framework.
“As a committee, we are familiar with his capabilities,” Izunaso said. “Having interacted with him extensively in previous roles, including as DG of SEC, I can confidently say he is eminently qualified for this position.”
The swift confirmation underscores the Senate’s strong endorsement of Yuguda’s credentials and signals continuity in Nigeria’s financial sector leadership under the current administration.
