Senate Fast-Tracks Yuguda’s CBN Deputy Governor Confirmation with “Take a Bow” Privilege

The Senate has put in place arrangements for the confirmation of Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN) during plenary today.

A report to that effect is expected to be presented to the Senate by its Committee on Banking, Insurance and other Financial Matters during the session.
Yuguda, who was nominated for the position by President Bola Tinubu last Wednesday for Senate confirmation, was accorded the rare privilege of “take a bow and go” during his screening earlier in the day by the Senate Committee on Banking.
Given the importance of the position of Deputy Governor of the Central Bank of Nigeria, the Chairman of the Committee, Senator Adetokunbo Abiru (Lagos East), had initially indicated that members might question Yuguda on monetary and fiscal policies. However, a member of the committee, Senator Osita Izunaso (Imo West), moved a motion that the nominee be allowed to take a bow and go.
Izunaso, while moving the motion, which was seconded by Senator Sarafadeen Alli (Oyo South), argued that the committee had, in recent times, screened Yuguda for several key positions and found him highly qualified.
“Mr Chairman and distinguished colleagues, in line with our tradition, the nominee before us for the position of Deputy Governor of the Central Bank of Nigeria is well known to us, having been screened three different times in the past for other important roles such as Director-General of the Securities and Exchange Commission (SEC) and as a member of the monetary control of the CBN.
“Personally, as Chairman of the Senate Committee on Capital Market, I had close interaction with Mr Yuguda during his tenure as DG of SEC and found him eminently suitable for the position of Deputy Governor of the CBN, for which he has been nominated by President Tinubu,” he said.
Following the motion, the committee, through a voice vote conducted by its Chairman, approved that Yuguda be accorded the “take a bow and go” privilege, paving the way for his confirmation by the Senate later in the day.