The Senate has approved the appointment of Lamido Yuguda as Deputy Governor of the Central Bank of Nigeria, alongside the confirmation of Peggy Onwu as an independent director on the board of the Nigeria Deposit Insurance Corporation.
The confirmations were finalised during Wednesday’s plenary after lawmakers considered and adopted a report presented by the Senate Committee on Banking, Insurance, and Other Financial Institutions. The report was delivered by the committee chairman, Adetokunbo Abiru, whose recommendations were subsequently endorsed by the chamber.
President Bola Ahmed Tinubu had nominated Yuguda on March 11, a decision earlier announced by his Special Adviser on Information and Strategy, Bayo Onanuga.
“The President charges them to discharge their responsibilities with renewed dedication, professionalism, and commitment to Nigeria’s economic stability and growth in their respective roles,” the statement read.
Yuguda, an experienced economist, previously served as Director-General of the Securities and Exchange Commission between 2020 and 2024. He is a fellow of the Institute of Chartered Accountants of Nigeria and also holds a charter from the CFA Institute.
He began his professional career at the CBN in 1984 as a senior supervisor in the foreign operations department. He later worked at the International Monetary Fund from 1997 to 2001 before returning to the apex bank, where he served as Director of the Reserve Management Department for six years prior to his retirement in 2016.
His latest appointment comes amid recent adjustments within the country’s economic management team, including the designation of Bala Bello as Special Adviser to the President on Political Economy.
Earlier, in February 2024, Yuguda was also confirmed as a member of the Central Bank’s Monetary Policy Committee alongside 12 others.