Senate confirms Yuguda as CBN Deputy Governor, clears Onwu, others for NDIC, RMAFC

From Adesuwa Tsan, Abuja

The Senate on Tuesday confirmed the appointment of Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN), following the consideration of a report by its Committee on Banking, Insurance and Other Financial Institutions.

The confirmation came hours after Yuguda was screened by the committee, where he was accorded the traditional “take a bow and go” privilege.

Yuguda, who was nominated last Wednesday by President Bola Tinubu for Senate confirmation, did not face probing on monetary or fiscal policy issues despite the strategic importance of the office.

During the screening, Chairman of the Committee, Adetokunbo Abiru, initially indicated that members might engage the nominee on key policy areas given the sensitivity of the role. However, the process took a different turn when Osita Izunaso moved a motion for Yuguda to be allowed to “take a bow and go” having been screened three different times in the past for other very important positions.”

Izunaso, whose motion was seconded by Sarafadeen Alli, justified the decision by citing Yuguda’s extensive vetting history and prior service.

“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 other very important positions like Director General of the Securities and Exchange Commission (SEC) and member of monetary control of CBN.

“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 for by President Tinubu,” he said.

Following a voice vote conducted by the committee chairman, lawmakers unanimously approved the motion, paving the way for Yuguda’s confirmation at plenary later in the day.

In related decisions, the Senate also approved the appointment of Peggy Onwu as an independent director of the Nigeria Deposit Insurance Corporation (NDIC), as well as the nominations of Gamawa and Muktar as commissioners of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC).