Yuguda Gets Senate Approval as CBN Deputy Governor, Onwu Cleared for NDIC
The Nigerian Senate has given its official backing to the appointment of Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN), while also approving Peggy Ofanima Onwu as an Independent Director of the Nigerian Deposit Insurance Corporation (NDIC).
The confirmations came during plenary on Wednesday following the consideration of reports submitted by the Senate Committee on Banking, Insurance and Other Financial Institutions.
Presenting the committee’s findings, its Chairman, Senator Adetokunbo Abiru (Lagos East), formally moved a motion for the Senate to deliberate on the nominations. The motion was seconded by Senator Wasil Sani (Lagos Central), paving the way for a detailed review and eventual adoption of the report.
In his presentation, Abiru noted that Yuguda’s nomination met all the legal requirements outlined in the Central Bank of Nigeria Act. He further highlighted Yuguda’s strong grasp of monetary policy, financial systems, and institutional governance, which he demonstrated during the screening process.
The committee also pointed to Yuguda’s extensive professional background, including his previous roles within the Central Bank of Nigeria and his tenure as Director-General of the Securities and Exchange Commission (SEC), describing him as well-equipped for the position.
Onwu’s nomination also received a positive assessment, with the committee confirming that she satisfied all statutory conditions stipulated under the NDIC Act for appointment as an Independent Director.
After deliberations, the Senate dissolved into the Committee of the Whole to take a closer look at the recommendations. Both nominations were subsequently adopted without objection.
The Senate thereafter formally confirmed Yuguda’s appointment as CBN Deputy Governor and approved Onwu’s position on the NDIC board.
Speaking in support of the nominations, Senator Mohammed Danjuma Goje described Yuguda as a seasoned financial expert with a wealth of experience spanning central banking and capital market regulation, adding that his expertise would be valuable to the country’s financial system.
Presiding over the session, Senate President Godswill Akpabio commended the committee for its thorough work and praised lawmakers for the swift handling of the nominations. He also congratulated the newly confirmed officials, urging them to live up to expectations by contributing meaningfully to Nigeria’s economic growth and financial stability.
Akpabio further lauded President Bola Tinubu for what he described as a consistent effort to appoint capable individuals into critical national roles, expressing confidence that the new appointees would serve with diligence and integrity.
