Senate Panel Clears Yuguda for Confirmation as CBN Deputy Governor

Sunday Aborisade in Abuja

Nigeria’s Senate is set to confirm Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN) following his clearance by the Senate Committee on Banking, Insurance and Other Financial Institutions.

The committee is expected to present its report at plenary later today, paving the way for final confirmation by the upper chamber.

Yuguda, who was nominated last week by President Bola Tinubu, was granted the privilege of a “take a bow and go” during his screening on Wednesday morning by the panel before the start of plenary.

The development signals a strong confidence in his competence and prior public service record.

Chairman of the committee, Senator Adetokunbo Abiru (Lagos East), had initially indicated that the nominee should field questions on monetary and fiscal policy, given the strategic importance of the office.

However, this was overtaken by a motion moved by Senator Osita Izunaso (Imo West), who urged the panel to adopt the long-standing Senate tradition for well-known and previously vetted nominees.

Izunaso, whose motion was seconded by Senator Sarafadeen Alli (Oyo South), noted that Yuguda had undergone multiple screenings in the past for key national assignments, including his role as Director-General of the Securities and Exchange Commission (SEC) and as a member of the CBN’s monetary policy structure.

He said the nominee had consistently demonstrated competence and integrity in previous roles.

He added that lawmakers were already familiar with his track record.

Following a voice vote, the committee unanimously endorsed the motion, effectively clearing Yuguda for confirmation.

With the panel’s report due at plenary, the Senate is expected to formally approve his appointment within hours, completing the process for his elevation to one of the apex bank’s top leadership positions.