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.
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 exercise.
Presenting the report, the committee chairman, Adetokunbo Abiru, told lawmakers that Yuguda was suitably qualified for the position, citing his extensive experience and compliance with Section 8(1) of the CBN Act.
Abiru added that the nominee demonstrated strong knowledge of financial and monetary matters during the screening session earlier in the day and had no petitions against his nomination.
He therefore urged the Senate to confirm Yuguda as Deputy Governor of the Central Bank of Nigeria.
The motion for confirmation was moved and seconded by Senator Danjuma Goje, who said, “President Bola Tinubu made the right choice on the appointment.”
Senate President Godswill Akpabio then put the question to a voice vote, and lawmakers overwhelmingly approved the nomination.
In his remarks after the approval, Akpabio also described Yuguda as “a square peg in a square hole” and commended President Bola Tinubu for what he called a fitting appointment.
Earlier in the day, Yuguda’s screening before the committee was brief, as senators adopted the “take a bow and go” tradition, sparing him detailed questioning.
Although Chairman Adetokunbo Abiru initially indicated that the nominee would be subjected to questions on monetary and fiscal policy, the plan was dropped following a motion by Senator Osita Izunaso.
The motion, seconded by Senator Sarafadeen Alli, was based on Yuguda’s previous interactions with the Senate.
Izunaso said the nominee was already familiar to lawmakers, having been screened on several occasions for other key positions, including Director-General of the Securities and Exchange Commission and roles within the Central Bank of Nigeria.
He added that Yuguda had consistently demonstrated competence in previous assignments, making further interrogation unnecessary.
Yuguda’s confirmation is part of ongoing efforts to strengthen leadership at the Central Bank and reinforce confidence in Nigeria’s monetary policy framework.
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