Senate Confirms Yuguda As CBN Deputy Governor

The Senate has confirmed the nomination of Lamido Yuguda as deputy governor of the Central Bank of Nigeria (CBN), alongside the appointment of Peggy Onwu as an independent director on the board of the Nigeria Deposit Insurance Corporation (NDIC).

The confirmations, which took place on Wednesday, followed the consideration and adoption of a report by the Senate Committee on Banking, Insurance, and Other Financial Institutions.

The report was presented during plenary by the committee’s chairman, Adetokunbo Abiru, after which lawmakers approved both nominees based on the panel’s findings and recommendations.

President Bola Tinubu had nominated Yuguda on March 11, with the Special Adviser to the President on Information and Strategy, Bayo Onanuga, announcing the decision in a statement.

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“The President charges them to discharge their responsibilities with renewed dedication, professionalism, and commitment to Nigeria’s economic stability and growth in their respective roles,” the statement read.

Yuguda, an economist, previously served as Director-General of the Securities and Exchange Commission (SEC) from 2020 to 2024.

He is also a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a charterholder of the CFA Institute.

He began his career at the CBN in 1984 as a senior supervisor in the foreign operations department.

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Between 1997 and 2001, he worked as an economist in the Africa Department of the International Monetary Fund (IMF) before returning to the apex bank, where he later served as Director of the Reserve Management Department for six years prior to his retirement in 2016.

Yuguda’s nomination follows recent changes within the economic management team, including the appointment of former CBN Deputy Governor Bala Bello as Special Adviser to the President on Political Economy.

In February 2024, Yuguda was also confirmed as a member of the CBN’s Monetary Policy Committee (MPC), alongside 12 others.