Senate clears Yuguda as CBN Dep Governor, hails competence

ABUJA: The Senate on Wednesday confirmed the appointment of Mr Lamido Abubakar 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 presentation and adoption of a report by the Senate Committee on Banking, Insurance and Other Financial Institutions.

Presenting the report, Chairman of the Committee, Senator Adetokunbo Abiru (Lagos East), said the nominee was eminently qualified for the position, citing his extensive knowledge, competence and years of professional experience in the financial sector.

Abiru noted that the nomination complied with Section 8(1) of the CBN Act and that Yuguda performed impressively during the screening exercise conducted earlier in the day.

According to him, the nominee demonstrated a deep understanding of financial systems, monetary policy and banking regulations, adding that no petition was received against him.

He, therefore, urged the Senate to approve the nomination.

The motion for confirmation was seconded by Senator Danjuma Goje (Gombe Central), who said President Bola Ahmed Tinubu made the right choice in nominating Yuguda for the strategic office.

Following the motion, Senate President Godswill Akpabio put the question to a voice vote, with lawmakers overwhelmingly approving the appointment.

Speaking after the confirmation, Akpabio described Yuguda as “a square peg in a square hole,” noting that the Senate was satisfied with the President’s choice.

He also commended President Tinubu for appointing a competent hand to a critical position in the nation’s apex bank.

Earlier, during the screening, Yuguda was granted the Senate’s traditional “take a bow and go” privilege.

Given the importance of the office of Deputy Governor of the CBN, Abiru had initially proposed that the nominee be subjected to detailed questioning on monetary and fiscal policies.

However, Senator Osita Izunaso (Imo West) moved a motion for Yuguda to take a bow and leave without further questioning, a motion seconded by Senator Sarafadeen Alli (Oyo South).

Izunaso argued that the nominee was well known to the committee, having appeared before the Senate on several occasions for previous strategic roles, including as Director-General of the Securities and Exchange Commission (SEC) and as a participant in the CBN’s monetary control framework.

He added that Yuguda’s track record and performance had already established his suitability for the new role.

“Personally, as Chairman of the Senate Committee on Capital Market, I had close interaction with Mr Yuguda as DG of SEC and found him eminently suitable for the position of Deputy Governor of CBN,” Izunaso said.