Senate Confirms Yuguda As CBN Deputy Governor

The Senate has confirmed the appointment of Mr Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria ( CBN) , describing him as square peg in a square hole .

Confirmation of Yuguda’s appointment by the Senate followed s report submitted to that effect by its committee on Banking , Insurance and other Financial Institutions .

The Chairman of the committee, Senator Adetokunbo Abiru ( Lagos East) in the report , informed the Senate that Yuguda was suitable for the position by virtue of his knowledge and work experience over the years and in line with section 8 sub section one of the CBN act .

According to him, the nominee impressively displayed his enormous financial and monetary knowledge during the screening exercise carried out on him early in the day .

He added that there was no petition against him on the appointment and urged the Senate to approve his nomination as Deputy Governor of the Central Bank of Nigeria.

Senator Danjuma Goje ( Gombe Central), seconded the motion for Yuguda’s confirmation by the Senate, saying “President Bola Tinubu made the right choice on the appointment ” , which accordingly made the President of the Senate, Godswill Akpabio to put it to a voice vote and was overwhelmingly voted for, by all Senators present .

In his remarks after approval of Yuguda’s appointment, Akpabio described him as a Square peg in a square hole and also thanked President Tinubu for the very suitable choice .

Earlier, before confirmation of his appointment by the Senate, Yuguda who was nominated for the position by President Bola Tinubu last week Wednesday, was given a very privileged treatment of “Take a Bow and go during his screening by the Senate Committee on Banking, Insurance and other Financial Institutions .

Because of the importance of the position of Deputy Governor of Central Bank of Nigeria, the Chairman of the Committee , Senator Abiru, had wanted members of the committee to ask Yuguda questions on monetary and fiscal policies but a member of the committee, Osita Izunaso ( Imo West ), moved s motion for him to be allowed to take a bow and go .

Izunaso in moving the motion seconded by Senator Sarafadeen Alli ( Oyo South ) , who argued that in recent times , the committee had screened Yuguda for different important positions and found him very qualified to hold the positions .

“Mr Chairman and Distinguished colleagues, in line with our tradition, the nominee before us for the position of Deputy Governor of Central Bank of Nigeria , is well known to us , having screened him three different times in the past for some other very important positions like Director General of Securities and Exchange Commission ( SEC) and member of monetary control of CBN.”

“Personally as Chairman of 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 said .

James Itodo, Edited By Grace Namiji