..hails nomination as ‘square peg in square hole’
Approval of the nomination followed the presentation and adoption of a report by the Senate Committee on Banking, Insurance and Other Financial Institutions,
By Deborah Hassan
365Daily — The Senate on Wednesday confirmed the appointment of Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN), with lawmakers endorsing the nomination as a fitting match for the role.
Approval of the nomination followed the presentation and adoption of a report by the Senate Committee on Banking, Insurance and Other Financial Institutions, which recommended Yuguda for confirmation.Presenting the report,
Chairman of the Committee, Senator Adetokunbo Abiru (Lagos East), said the nominee demonstrated deep expertise in financial and monetary matters during his screening earlier in the day. He added that Yuguda’s professional track record aligns with the requirements of Section 8(1) of the CBN Act.
Abiru further told the Senate that no petition was received against the nominee, urging lawmakers to endorse his appointment.
The motion for confirmation was seconded by Senator Danjuma Goje (Gombe Central), who described the nomination as a sound decision by President Bola Tinubu.
“President Bola Tinubu made the right choice on the appointment,” Goje said.
The Senate President, Godswill Akpabio, subsequently put the question to a voice vote, with lawmakers unanimously approving the nomination.
In his remarks, Akpabio commended the President’s choice, describing Yuguda as a “square peg in a square hole,” a phrase that echoed across the chamber as a stamp of confidence in the new CBN Deputy Governor.
Earlier, Yuguda had been accorded the Senate’s traditional “take a bow and go” privilege during his screening by the committee, sparing him detailed questioning despite the strategic importance of the office.
Although Abiru initially indicated that members might interrogate the nominee on key monetary and fiscal policy issues, a motion by Senator Osita Izunaso (Imo West), seconded by Senator Sarafadeen Alli (Oyo South), altered the course of proceedings.
Izunaso argued that Yuguda was already well known to the committee, having been screened multiple times for previous high-level roles, including Director-General of the Securities and Exchange Commission (SEC) and as a member of the CBN’s monetary control framework.
“Mr Chairman and Distinguished colleagues, in line with our tradition, the nominee before us… is well known to us, having screened him three different times in the past for some other very important positions,” he said.
“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 added.
The committee subsequently adopted the motion through a voice vote, paving the way for Yuguda’s confirmation at plenary later the same day.