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 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, Committee Chairman Adetokunbo Abiru stated that Yuguda was qualified for the position based on his extensive experience and in line with Section 8(1) of the CBN Act. He noted that the nominee demonstrated strong expertise in financial and monetary matters and had no petitions raised against him.
The committee therefore recommended his confirmation as Deputy Governor of the Central Bank of Nigeria.
The motion for approval was moved and seconded by lawmakers, including Danjuma Goje, who said President Bola Tinubu made the right choice in the appointment.
Senate President Godswill Akpabio thereafter put the matter to a voice vote, with lawmakers unanimously endorsing the nomination.
In his remarks, Akpabio praised Yuguda’s appointment, also describing him as “a square peg in a square hole.”
Earlier during the screening process, the Senate adopted the “take a bow and go” tradition, allowing the nominee to be excused from extensive questioning due to his previous engagements with the legislature.
Lawmakers noted that Yuguda had been screened multiple times in the past for key positions, including Director-General of the Securities and Exchange Commission and other roles within the financial sector.
Senator Osita Izunaso moved the motion to dispense with questioning, which was seconded by Sarafadeen Alli, arguing that the nominee was already well known to the Senate.
Yuguda’s confirmation comes as part of ongoing efforts to strengthen leadership at the Central Bank and enhance confidence in Nigeria’s monetary policy direction.
