The Senate on Wednesday confirmed the nomination of Lamido Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN).
CBN also approved the appointment of Peggy Onwu as an independent director on the board of the Nigeria Deposit Insurance Corporation (NDIC).
The confirmations followed the adoption of a report by the Senate Committee on Banking, Insurance, and Other Financial Institutions.
Committee Chairman Adetokunbo Abiru presented the report during plenary before lawmakers approved both nominees based on the panel’s recommendations.
The announcement was made in a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy.
“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.
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Yuguda is an economist who previously served as Director-General of the Securities and Exchange Commission (SEC) from 2020 to 2024.
In addition to that, he is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a charterholder of the CFA Institute.
He began his career at the CBN in 1984 as a senior supervisor in the foreign operations department. Between 1997 and 2001, he worked as an economist in the Africa Department of the International Monetary Fund (IMF).
Thereafter, he returned to the CBN and served as Director of the Reserve Management Department for six years before retiring in 2016.
Yuguda’s nomination by President Bola Tinubu in March follows recent changes to the economic management team, including the appointment of former CBN Deputy Governor Bala Bello as Special Adviser to the President on Political Economy.
Notably, in February 2024 Yuguda was also confirmed as a member of the CBN’s Monetary Policy Committee (MPC), alongside 12 others.