President Bola Ahmed Tinubu has nominated former Director-General of the Securities and Exchange Commission, Lamido Abubakar Yuguda, for appointment as Deputy Governor of the Central Bank of Nigeria (CBN).
The nomination was disclosed on Wednesday in a statement issued in Abuja by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
According to the statement, the President has forwarded Yuguda’s name to the Nigerian Senate for screening and confirmation in line with the provisions of the Central Bank of Nigeria Act 2007, which empowers the President to appoint the CBN Governor and Deputy Governors subject to Senate approval.
Onanuga explained that the nomination follows the recent redeployment of former CBN Deputy Governor, Bala Bello, who was appointed as Special Adviser to the President on Political Economy.
He said the appointment forms part of the administration’s efforts to strengthen Nigeria’s monetary and financial institutions as the government pursues broader economic reforms.
“The President believes that Yuguda’s vast experience in banking, financial regulation and capital market development will be invaluable in supporting the Central Bank’s mandate of maintaining monetary and financial stability,” the statement said.
Professional Background
Yuguda is widely recognised as a seasoned financial expert with extensive experience spanning banking, monetary policy, financial regulation and capital market development.
He served as Director-General of the Securities and Exchange Commission from 2020 to 2024, where he supervised regulatory reforms aimed at deepening the Nigerian capital market, improving transparency and boosting investor confidence.
During his tenure, the commission intensified efforts to strengthen market regulation, enforce compliance among operators and promote initiatives designed to expand participation in the capital market.
Before his appointment to the SEC, Yuguda had a long career in the Central Bank of Nigeria where he served in several strategic capacities and contributed to the development and implementation of key financial policies.
His professional experience also extends to the commercial banking sector and financial consultancy, giving him a broad understanding of both regulatory frameworks and financial market operations.
Academic and Professional Credentials
Yuguda obtained a Bachelor’s degree in Accountancy from Ahmadu Bello University, Zaria.
He later earned a Master’s degree in Money, Banking and Finance from the University of Birmingham in the United Kingdom.
He is also a Fellow of the Institute of Chartered Accountants of Nigeria and a Chartered Financial Analyst, reflecting his professional competence in financial management and investment analysis.
Role of the CBN Deputy Governor
The Central Bank of Nigeria has four Deputy Governors who assist the Governor in overseeing the bank’s core functions, including monetary policy implementation, financial system regulation, banking supervision and currency management.
If confirmed by the Senate, Yuguda will join the leadership team of the apex bank to help drive policies aimed at stabilising the national currency, controlling inflation and strengthening Nigeria’s financial system.
Economic Context
Economic analysts note that the nomination comes at a critical time when Nigeria’s financial authorities are working to stabilise the economy, manage inflationary pressures and sustain reforms in the banking and financial sectors.
They say Yuguda’s experience in capital market regulation and banking supervision could contribute to improved policy coordination between the monetary authorities and capital market regulators.
Next Steps
Following the nomination, the Senate is expected to invite Yuguda for screening in accordance with constitutional procedures before deciding on the confirmation of his appointment.
If approved, he will assume office as one of the Deputy Governors of the Central Bank of Nigeria, joining the apex bank’s leadership in managing Nigeria’s monetary policy and financial stability agenda.
