Senate Confirms Yuguda As CBN Deputy Governor

Senate Confirms Yuguda As CBN Deputy Governor
Nominee cleared through “take a bow and go” screening
Lawmakers cite experience and past service in approval

The Nigerian Senate on Wednesday confirmed Lamido Yuguda as Deputy Governor of the Central Bank of Nigeria.

The confirmation followed his screening and clearance by the Senate Committee on Banking, Insurance and Other Financial Institutions.

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EKO HOT BLOG reports that president Bola Tinubu had earlier approved Yuguda’s appointment in March, subject to Senate confirmation, in line with Section 8(1) of the Central Bank of Nigeria Act, 2007.

According to a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the nomination followed the appointment of the former Deputy Governor, Bala Bello, as Special Adviser to the President on Political Economy.

During the screening exercise, Yuguda was granted the privilege of a “take a bow and go” by the committee, a procedure often reserved for nominees with established public service records.

Chairman of the committee, Adetokunbo Abiru, had initially indicated that the nominee would be required to respond to questions on monetary and fiscal policy, given the strategic nature of the role.

However, this was set aside following a motion moved by Osita Izunaso, who urged the panel to adopt the Senate’s tradition for previously screened and well known nominees.

The motion, seconded by Sarafadeen Alli, noted that Yuguda had undergone several screenings for key national assignments, including his tenure as Director General of the Securities and Exchange Commission and his involvement in the CBN’s monetary policy framework.

Lawmakers said the nominee had demonstrated competence and integrity in his previous roles and that his track record was already well known to the Senate.

Following a voice vote, the committee unanimously endorsed the motion and cleared Yuguda for confirmation.