April 30, (THEWILL) — The Senate, on Wednesday, confirmed the nomination of former Securities and Exchange Commission (SEC) Director-General, Lamido Yuguda, as Deputy Governor of the Central Bank of Nigeria (CBN).
Lawmakers also confirmed the appointment of Peggy Onwu as an independent director on the board of the Nigeria Deposit Insurance Corporation (NDIC).
The confirmations followed the consideration and adoption of the report of the Senate Committee on Banking, Insurance and Other Financial Institutions during plenary.
Presenting the report, the Chairman of the committee, Senator Adetokunbo Abiru, said the nominees were thoroughly screened and found qualified for the strategic positions based on their professional competence, experience, and integrity.
Following the presentation, the Senate unanimously approved both appointments.
President Bola Tinubu had earlier forwarded Yuguda’s nomination to the Senate on March 11, as part of ongoing efforts to reposition the nation’s financial institutions and deepen confidence in Nigeria’s monetary and regulatory framework.
Announcing the nomination at the time, the President’s Special Adviser on Information and Strategy, Bayo Onanuga, said the administration expected the appointees to contribute significantly to economic stability and growth.
“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’s confirmation is expected to bring decades of banking, regulatory, and international financial experience into the apex bank at a critical period for Nigeria’s economy.
A seasoned economist and financial expert, Yuguda, previously served as Director-General of the SEC between 2020 and 2024, where he supervised major reforms to strengthen the Nigerian capital market, enhance investor confidence, and improve regulatory oversight.
His career in public finance and monetary management spans over four decades.
Yuguda began his professional journey at the Central Bank of Nigeria in 1984 as a senior supervisor in the foreign operations department. He later rose through the ranks and became one of the respected technocrats within Nigeria’s financial system.
Between 1997 and 2001, he served as an economist in the Africa Department of the International Monetary Fund (IMF), where he worked on macroeconomic and financial sector issues affecting African economies.
After returning to Nigeria, he resumed duties at the CBN and subsequently served as Director of the Reserve Management Department for six years before retiring from the bank in 2016.
His experience in reserve management, monetary operations, and financial regulation is expected to support ongoing efforts by the apex bank to stabilise inflation, strengthen foreign exchange management, and deepen reforms within the banking sector.
Yuguda is also a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a charterholder of the CFA Institute, credentials analysts say reinforce his strong professional standing in both domestic and international financial circles.
His elevation to the position of deputy governor comes amid broader adjustments within the country’s economic management team under the Tinubu administration.
The nomination followed the recent appointment of former CBN Deputy Governor, Bala Bello, as Special Adviser to the President on Political Economy, signalling continued restructuring and reinforcement of Nigeria’s economic policy coordination team.
In another indication of the confidence reposed in him by policymakers, Yuguda was in February 2024 confirmed as a member of the Central Bank’s Monetary Policy Committee (MPC), alongside 12 other members responsible for setting monetary policy direction for the country.
Economic analysts believe his confirmation as deputy governor will further strengthen the capacity of the CBN leadership team in addressing key macroeconomic challenges, improving policy coordination, and sustaining reforms targeted at restoring investor confidence.
Meanwhile, the confirmation of Peggy Onwu as an independent director of the NDIC board is expected to reinforce the corporation’s oversight and governance responsibilities, especially in the areas of depositor protection, banking supervision support, and financial system stability.
The NDIC plays a critical role in safeguarding depositors’ funds and maintaining confidence in the banking sector through deposit insurance and resolution mechanisms for distressed financial institutions.
Observers say the Senate’s approval of both appointments reflects growing emphasis on technocratic competence and institutional strengthening within Nigeria’s financial sector, as the Tinubu administration intensifies efforts to stabilise the economy and reposition key regulatory agencies for improved performance.
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