The Senate on Wednesday confirmed the appointment of Lamido Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN), describing him as “a square peg in a square hole.”
The confirmation followed the consideration of a report by the Senate Committee on Banking, Insurance and Other Financial Institutions, which cleared the nominee after a brief screening process.
Presenting the report, Chairman of the committee, Adetokunbo Abiru, told the chamber that Yuguda was qualified for the position based on his extensive experience and in line with Section 8(1) of the CBN Act.
According to him, the nominee demonstrated strong financial and monetary expertise during his screening earlier in the day and had no petitions against him.
He said the committee found him suitable and urged the Senate to confirm his nomination as Deputy Governor of the CBN.
The motion for confirmation was seconded by Danjuma Goje, who declared, “President Bola Tinubu made the right choice on the appointment.”
The Senate President, Godswill Akpabio, subsequently put the question to a voice vote, with lawmakers overwhelmingly endorsing the nomination.
In his remarks after the approval, Akpabio described Yuguda as “a square peg in a square hole” and commended Bola Tinubu for what he termed a fitting appointment.
Earlier, the nominee was spared 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 subjecting Yuguda to questions on monetary and fiscal policy, the move was halted by Osita Izunaso, who 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 deepen confidence in Nigeria’s monetary policy framework.
The PUNCH