President Tinubu Nominates Lamido Yuguda as New CBN Deputy Governor
President Bola Ahmed Tinubu has officially nominated Lamido Abubakar Yuguda as the new Deputy Governor of the Central Bank of Nigeria (CBN), subject to confirmation by the Nigerian Senate. This significant appointment was announced on Wednesday, March 11, 2026, through a statement released by Bayo Onanuga, one of the presidential spokespersons.
Appointment in Accordance with CBN Act
The nomination is made in strict compliance with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which outlines the legal framework for such appointments. Yuguda steps into the role previously held by Bala Bello, who has been reassigned to serve as the Special Adviser to the President on Political Economy, a move that underscores the administration's focus on economic strategy.
President Tinubu has charged the new appointee with the responsibility of discharging his duties with renewed dedication, professionalism, and an unwavering commitment to bolstering Nigeria's economic stability and fostering sustainable growth. This directive aligns with the broader objectives of the administration's economic policies.
Extensive Professional Background of Lamido Yuguda
The presidency has released a detailed profile of Lamido Yuguda, highlighting his extensive experience in financial and economic sectors. His most recent public position was as the Director-General of the Securities and Exchange Commission (SEC), a role he held from 2020 to 2024, where he oversaw regulatory functions in Nigeria's capital markets.
Yuguda is an alumnus of Ahmadu Bello University, graduating in 1983 with a Bachelor of Science degree in Accountancy. He further advanced his education by obtaining a master's degree in Money, Banking and Finance from the University of Birmingham in the United Kingdom in 1991. His professional credentials include being a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a CFA charterholder, underscoring his expertise in finance and accounting.
Career Trajectory and International Experience
Yuguda began his career in 1984 at the Central Bank of Nigeria, serving as a Senior Supervisor in the Foreign Operations Department. His career took an international turn when he worked as an economist in the Africa Department of the International Monetary Fund from 1997 to 2001, gaining valuable insights into global economic dynamics.
Upon returning to the CBN, he continued to ascend through the ranks, eventually retiring in 2016 after a six-year tenure as the Director of the Reserve Management Department. This background positions him well to contribute to the CBN's monetary policies and reserve management strategies in his new role as Deputy Governor.
Additional Appointments and Senate Proceedings
In related developments, President Tinubu has also announced the appointment of Amina Gamawa, representing Bauchi State, and Abdullahi Muktar, representing Kaduna State, as Commissioners to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC). These nominations were forwarded to the National Assembly for screening and confirmation, as disclosed by Senate President Godswill Akpabio during a plenary session on Tuesday, March 10.
Akpabio referred the matter to the Committee on National Planning and Economic Affairs, with instructions to report back to the Senate within one week. This move is part of a series of appointments aimed at advancing the administration's Renewed Hope agenda, which includes recent postings of ambassadors-designate to various international posts.
These strategic nominations reflect President Tinubu's ongoing efforts to strengthen key institutions and drive economic governance through experienced professionals, with a focus on enhancing Nigeria's fiscal and monetary frameworks for long-term prosperity.
