The Senate on Wednesday confirmed the nomination of Lamido Yuguda as deputy governor of the Central Bank of Nigeria (CBN) and appointed Peggy Onwu as an independent director on the board of the Nigeria Deposit Insurance Corporation (NDIC).
The confirmations followed the Senate Committee on Banking, Insurance and Other Financial Institutions’ presentation of a report to the plenary. Committee chairman Adetokunbo Abiru tabled the findings, after which lawmakers voted in favour of both nominees in line with the panel’s recommendations.
President Bola Tinubu had nominated Yuguda on 11 March, a decision announced by Special Adviser on Information and Strategy Bayo Onanuga. A presidential statement urged the newly appointed officials to discharge their duties with “renewed dedication, professionalism and commitment to Nigeria’s economic stability and growth.”
Yuguda, a career economist, served as Director‑General of the Securities and Exchange Commission from 2020 to 2024. He is a fellow of the Institute of Chartered Accountants of Nigeria and a charterholder of the CFA Institute. His banking career began at the CBN in 1984 as a senior supervisor in the foreign operations department. Between 1997 and 2001 he worked as an economist in the International Monetary Fund’s Africa Department before returning to the CBN, where he later headed the Reserve Management Department for six years until his retirement in 2016.
The appointment comes amid a reshuffle of Nigeria’s economic management team, which recently saw former CBN Deputy Governor Bala Bello become the President’s Special Adviser on Political Economy. In February 2024, Yuguda was also confirmed as a member of the CBN’s Monetary Policy Committee, joining twelve other policymakers.
Peggy Onwu, the newly appointed NDIC independent director, brings experience from the private sector, although her specific background was not detailed in the Senate report.
The Senate’s dual confirmations strengthen the leadership of two key financial institutions at a time when Nigeria is seeking to stabilise its economy and restore confidence in its banking sector. Both appointees are expected to assume their duties within the coming weeks, pending formal swearing‑in ceremonies.
