By Olugbenga Salami
The Senate on Wednesday confirmed Mr Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria, CBN, describing him as a “square peg in a square hole.”
Yuguda’s confirmation followed the presentation of a report by the Senate Committee on Banking, Insurance and Other Financial Institutions.
Presenting the report, Committee Chairman Senator Adetokunbo Abiru, (APC Lagos East), said Yuguda was suitable for the position based on his knowledge and work experience over the years, and in line with Section 8(1) of the CBN Act.
According to Abiru, the nominee “impressively displayed his enormous financial and monetary knowledge” during the screening held earlier in the day.
He added that no petition was received against the nominee and urged the Senate to approve his appointment as Deputy Governor of the Central Bank of Nigeria.
Senator Danjuma Goje, (APC Gombe Central), seconded the motion, saying “President Bola Tinubu made the right choice on the appointment.”
Senate President Godswill Akpabio then put the nomination to a voice vote, with senators voting overwhelmingly in support.
In his remarks after the confirmation, Akpabio described Yuguda as a “square peg in a square hole” and thanked President Tinubu for making a “very suitable choice.”
Earlier during screening, Yuguda, who was nominated last Wednesday by President Tinubu, received the rare “take a bow and go” privilege from the committee.
Although Senator Abiru had intended for members to question Yuguda on monetary and fiscal policies given the importance of the role, Senator Osita Izunaso, (APC Imo West), moved that he be allowed to take a bow and go.
The motion, seconded by Senator Sarafadeen Alli, (APC Oyo South), was based on Yuguda’s track record with the committee.
“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 other very important positions like Director General of the Securities and Exchange Commission and member of the CBN’s Monetary Policy Committee,” Izunaso said.
“Personally, as Chairman of the 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 by President Tinubu,” he added.
