The Senate has confirmed the nomination of Lamido Yuguda as deputy governor of the Central Bank of Nigeria (CBN), alongside the appointment of Peggy Onwu as an independent director on the board of the Nigeria Deposit Insurance Corporation (NDIC). The confirmations, which took place on Wednesday, followed the consideration and adoption of a report by the Senate Committee on Banking, Insurance, and Other Financial Institutions.
The report was presented during plenary by the committee’s chairman, Adetokunbo Abiru, after which lawmakers approved both nominees based on the panel’s findings and recommendations. President Bola Tinubu had nominated Yuguda on March 11, with the Special Adviser to the President on Information and Strategy, Bayo Onanuga, announcing the decision in a statement.
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Yuguda, an economist, previously served as Director-General of the Securities and Exchange Commission (SEC) from 2020 to 2024. He is also 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.
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Yuguda’s nomination follows recent changes within the economic management team, including the appointment of former CBN Deputy Governor Bala Bello as Special Adviser to the President on Political Economy.