Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
The Senate on Wednesday confirmed the appointment of Mr Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN), granting President Bola Tinubu’s nominee a rare “take a bow and go” privilege and describing him as “a square peg in a square hole” in a session that underscored the lawmakers’ confidence in the seasoned financial technocrat. The confirmation followed the presentation and consideration of a report by the Senate Committee on Banking, Insurance and Other Financial Institutions, which found Yuguda eminently suitable for the position.
The upper chamber approved the appointment with unusual speed, endorsing the nomination without the detailed grilling that typically accompanies the screening of candidates for high‑profile financial positions. President of the Senate, Godswill Akpabio, who presided over the session, put the nomination to a voice vote after the committee’s report was laid, and the lawmakers overwhelmingly supported the confirmation.
In his remarks after the approval, Akpabio described Yuguda as “a square peg in a square hole” and commended President Tinubu for what he termed a very fitting appointment. The phrase, often used to describe a person whose skills and character perfectly match the demands of a particular role, was echoed by several senators who spoke in support of the nomination. Senator Danjuma Goje (Gombe Central), who seconded the motion for confirmation, declared, “President Bola Tinubu made the right choice on the appointment.”
The committee’s chairman, Senator Adetokunbo Abiru (Lagos East), presented the report to the chamber, informing senators that Yuguda was qualified for the position by virtue of his extensive knowledge, wealth of experience, and strict compliance with the provisions of Section 8(1) of the CBN Act, 2007. According to Abiru, the nominee demonstrated strong financial and monetary expertise during the screening exercise conducted earlier in the day, and the committee received no petition against his appointment. He urged the Senate to confirm his nomination as Deputy Governor of the Central Bank of Nigeria.
What made Yuguda’s confirmation particularly noteworthy was the ease with which he navigated the screening process. Senator Abiru had initially indicated his intention to subject the nominee to detailed questioning on monetary and fiscal policy, a move that is standard for candidates for such a sensitive position. However, Senator Osita Izunaso (Imo West) intervened, moving a motion that Yuguda be allowed to “take a bow and go” – a procedure reserved for nominees whose credentials are already well known to the Senate and who have demonstrated exceptional competence in previous public assignments.
The motion, seconded by Senator Sarafadeen Alli (Oyo South), was based on Yuguda’s prior engagements with the Senate. Izunaso argued that the nominee was well known to lawmakers, having been screened on multiple occasions for key positions in the financial sector. “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 very important positions like Director‑General of Securities and Exchange Commission and member of the monetary control of CBN,” Izunaso told the committee.
He further noted that his close interaction with Yuguda when he served as Chairman of the Senate Committee on Capital Market and Yuguda as Director‑General of the Securities and Exchange Commission (SEC) convinced him of the nominee’s suitability for the CBN deputy governor role. “Personally, as Chairman of 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.
The “take a bow and go” treatment effectively bypassed any substantive questioning, and Yuguda was confirmed without any interrogation of his views on monetary policy, inflation targeting, exchange rate management, or other critical issues currently facing the apex bank. The development signals the Senate’s deep trust in the nominee’s competence and its desire to quickly fill a key leadership vacancy at the CBN as the bank navigates a challenging economic environment marked by persistent inflationary pressures and ongoing reforms.
Yuguda, a seasoned financial regulator with decades of experience in Nigeria’s capital markets, previously served as Director‑General of the Securities and Exchange Commission (SEC). His tenure at SEC saw the implementation of several reforms aimed at strengthening investor confidence and market integrity. He also served on the CBN’s Monetary Policy Committee, giving him direct insight into the bank’s core decision‑making processes. His academic qualifications and professional certifications further bolster his profile as a technocrat well‑versed in both domestic and international financial systems.
President Tinubu submitted Yuguda’s nomination to the Senate just a week before the confirmation, and the speed with which the upper chamber acted reflects the administration’s desire to strengthen the leadership of the apex bank. The CBN has been operating with a lean board, and the addition of a deputy governor with Yuguda’s pedigree is expected to bring additional depth to the bank’s monetary policy debates.
Yuguda’s confirmation, however, has not been without muted criticism. Some economic analysts have expressed concern that the Senate’s decision to waive substantive questioning sets a precedent that could reduce the rigour of legislative oversight for future nominees. Others argue that Yuguda’s long record of public service and prior Senate screenings justify the accelerated process. The nominee himself, after the confirmation, declined to make immediate public remarks.
As Yuguda prepares to assume his duties at the CBN, the spotlight will now shift to how he will contribute to the bank’s ongoing efforts to stabilise the naira, curb inflation, and restore confidence in the financial system. The Senate’s resounding endorsement provides him with a strong mandate, but the real test will be in the results he helps deliver. For now, President Tinubu has secured his man, and the Senate has described him as a perfect fit. The coming months will reveal whether that assessment proves accurate.
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