Senate Confirms Yuguda As CBN Deputy Governor, Approves NDIC Board Appointment

The Senate has confirmed the nomination of Lamido Abubakar Yuguda as deputy governor of the Central Bank of Nigeria (CBN), alongside the approval of another nominee, Peggy Ofanima Onwu as independent director of the Nigerian Deposit Insurance Corporation (NDIC).

The confirmation followed the presentation and consideration of reports by the Senate Committee on Banking, Insurance and Other Financial Institutions during plenary on Wednesday.

The chairman of the committee, Adetokunbo Abiru (Lagos East) who led the presentation, moved the motion for the Senate to consider the report on the confirmation of the nominees, which was seconded by Senator Wasil Sani (Lagos Central).

The Senate thereafter resolved to consider the committee’s report, which was later adopted after deliberations.

Presenting the findings, Abiru stated that Yuguda’s nomination complied with the provisions of the Central Bank of Nigeria Act, noting that he demonstrated strong knowledge of monetary policy, financial regulation, and institutional governance during screening.

He also highlighted that the nominee has extensive experience in the financial sector, including previous service at the Central Bank of Nigeria and as Director-General of the Securities and Exchange Commission (SEC).

Similarly, the committee confirmed that Peggy Ofanima Onwu met all statutory requirements under the NDIC Act for appointment as an independent director.

Following debate, the Senate moved into the Committee of the Whole, where the reports were further considered and adopted.

Ruling on the motion, the Senate confirmed the appointment of Yuguda as deputy governor of the Central Bank of Nigeria and approved Onwu as independent director of the NDIC.

Senator Mohammed Danjuma Goje also supported the confirmation of Yuguda, describing him as a highly qualified financial expert with years of experience in the central banking system and capital market regulation.

Presiding over the session, Senate President Godswill Akpabio commended the committee for its work and praised the Senate for the swift consideration of the nominations.

He also congratulated the newly confirmed appointees, urging them to justify the confidence reposed in them by contributing effectively to national financial stability and economic development.

Akpabio further praised President Bola Tinubu for “consistently appointing competent individuals into key positions,” expressing optimism that the new appointees would serve the nation diligently.