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

Senate backs committee report

The confirmations were approved on Wednesday after the Senate Committee on Banking, Insurance, and Other Financial Institutions presented its report in plenary.

Committee chairman Adetokunbo Abiru submitted the findings, which lawmakers adopted, clearing both nominees for their respective roles.

Tinubu’s nomination and directive

President Bola Ahmed Tinubu had nominated Yuguda in March, urging him to serve with professionalism and a strong commitment to Nigeria’s economic stability.

In a statement issued at the time, the President called on the appointees to discharge their duties with dedication and support the country’s growth agenda.

Yuguda’s experience in finance sector

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

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

His career spans decades, including roles at the CBN, where he started in 1984, and at the International Monetary Fund (IMF), where he worked between 1997 and 2001.

Background within CBN system

After returning to the apex bank, he served as Director of the Reserve Management Department for six years before retiring in 2016.

He was later appointed to the CBN’s Monetary Policy Committee (MPC) in February 2024.

Broader economic team changes

His confirmation comes amid ongoing adjustments within Nigeria’s economic management team.

Recent changes include the appointment of Bala Bello, a former CBN Deputy Governor, as Special Adviser to the President on Political Economy.