Senate Confirms Yuguda as CBN Deputy Governor, Onwu for NDIC

The Nigerian Senate confirmed Lamido Yuguda as deputy governor of the Central Bank of Nigeria and Peggy Ufanima Onwu as an independent director on the board of the Nigeria Deposit Insurance Corporation on Wednesday during plenary proceedings.

The upper chamber acted on nominations forwarded by President Bola Tinubu last week, following screenings by the Senate Committee on Banking, Insurance and Other Financial Institutions. Committee Chairman Adetokunbo Abiru presented the report, stating that both nominees met legal requirements under the Central Bank of Nigeria Act and the NDIC Act. He noted that Yuguda demonstrated strong knowledge of monetary policy, financial regulation and institutional governance during his appearance, while Onwu showed expertise suitable for her role. Neither nominee faced petitions, and both had been cleared by the Nigeria Police Force and the Department of State Services, with code of conduct slips provided.

Yuguda, a capital markets expert with over four decades in finance, began his career at the CBN in 1984, rising to director of the Reserve Management Department before retiring in 2016. He later served as director-general of the Securities and...