The Senate on Wednesday confirmed former Director-General of the Securities and Exchange Commission (SEC) Lamido Yuguda as deputy governor of the Central Bank of Nigeria (CBN).
His confirmation followed consideration of a report by the Senate Committee on Banking, Insurance and Other Financial Institutions during plenary in Abuja.
Chairman of the committee Adetokunbo Abiru said Mr Yuguda met the requirements for the office and that no petition was filed against him.
According to Mr Abiru, the nominee also showed knowledge of financial and monetary matters during screening.
Yuguda was screened earlier in the day but was not asked detailed questions after lawmakers applied the chamber’s “take a bow and go” practice for nominees already known to them.
The motion to suspend questioning was moved by Osita Izunaso and seconded by Sarafadeen Alli.
Mr Izunaso said the nominee had appeared before the Senate in the past for other appointments.
“Mr Chairman and distinguished colleagues, in line with our tradition, the nominee before us is well known to us, having screened him three different times in the past,” he said.
He added that he had worked with Yuguda during his time as chairman of the Senate Committee on Capital Market and found him suitable for the role.
Following the committee’s recommendation, the motion for confirmation was moved by Danjuma Goje and approved by voice vote.
Mr Goje said President Bola Tinubu made the right choice with the appointment.
Senate President Godswill Akpabio also backed the nomination, describing Yuguda as “a square peg in a square hole.”
Yuguda was appointed by President Tinubu on March 11.
He replaces Bala Bello, who was redeployed as special adviser to the president on political economy.
Lamido Yuguda served as director-general of the Securities and Exchange Commission from 2020 to 2024.
He studied accountancy at Ahmadu Bello University and later obtained a master’s degree in money, banking and finance from the University of Birmingham.
He began his career at the CBN in 1984 and later worked at the International Monetary Fund between 1997 and 2001 before returning to the bank, where he became director of reserve management.
He retired from the CBN in 2016.
