The Senate has officially confirmed the nomination of Lamido Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN), while also approving Peggy Onwu as an independent director on the board of the Nigeria Deposit Insurance Corporation (NDIC).
The confirmations were made on Wednesday following the Senate’s consideration and adoption of a report submitted by the Senate Committee on Banking, Insurance, and Other Financial Institutions.
The committee’s report was presented during plenary by its chairman, Adetokunbo Abiru, after which lawmakers endorsed both nominees based on the recommendations and findings of the panel.
President Bola Tinubu had nominated Yuguda on March 11, with the announcement made public by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
According to the statement issued at the time, “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.”
Yuguda brings decades of financial and regulatory experience to his new role.
An accomplished economist, he previously served as Director-General of the Securities and Exchange Commission (SEC) between 2020 and 2024.
He is also a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and holds charterholder status with the CFA Institute.
His professional journey began at the Central Bank of Nigeria in 1984, where he worked as a senior supervisor in the foreign operations department.
Between 1997 and 2001, he served as an economist in the Africa Department of the International Monetary Fund (IMF), gaining international exposure in financial policy and macroeconomic analysis.
He later returned to the apex bank and rose through the ranks, eventually serving as Director of the Reserve Management Department for six years before retiring in 2016.
Yuguda’s confirmation comes amid ongoing adjustments within Nigeria’s economic management structure.
His appointment follows recent changes in the financial policy team, including the appointment of former CBN Deputy Governor Bala Bello as Special Adviser to the President on Political Economy.
In February 2024, Yuguda was also confirmed as one of the members of the CBN’s Monetary Policy Committee (MPC), alongside 12 other appointees.
The confirmation of Peggy Onwu as an independent director on the NDIC board is also expected to strengthen governance and oversight within Nigeria’s banking and deposit insurance system.
The Senate’s approval of both nominees reflects continued efforts to reinforce leadership across key financial institutions as the country navigates economic reforms and monetary policy challenges.
What You Should Know
Lamido Yuguda’s confirmation as CBN Deputy Governor places an experienced financial regulator at the centre of Nigeria’s monetary policy direction.
With previous leadership roles at the SEC, IMF, and CBN, his appointment is expected to strengthen institutional expertise at the apex bank. His confirmation comes at a critical period as Nigeria continues implementing economic reforms, addressing inflation concerns, and managing exchange rate pressures.
The approval of Peggy Onwu for the NDIC board also signals efforts to reinforce oversight in the banking sector.
Together, both appointments are seen as strategic moves aimed at promoting financial stability, strengthening regulatory frameworks, and supporting broader economic growth objectives.
