President Bola Ahmed Tinubu has approved the appointment of former Director-General of the Securities and Exchange Commission (SEC), Lamido Abubakar Yuguda, as Deputy Governor of the Central Bank of Nigeria (CBN).
The appointment is subject to confirmation by the Senate, according to a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy, on March 11, 2026.
The presidential spokesperson highlighted that the appointment is in accordance with Section 8(1) of the Central Bank of Nigeria Act, 2007, which specifies that the CBN Governor and Deputy Governors must be individuals with financial experience.
What the Presidency Is Saying
- According to Onanuga, Yuguda’s nomination follows the recent appointment of the erstwhile Deputy Governor, Mr. Bala Bello, as Special Adviser to the President on Political Economy.
- The President charged the duo to discharge their responsibilities with renewed dedication and professionalism.
- The Presidency also urged Yuguda to demonstrate commitment to Nigeria’s economic stability and growth in his new role.
Brief Profile
According to the Presidency, Lamido Yuguda’s last public office was as Director-General of the Securities and Exchange Commission, a position he held from 2020 to 2024.
He graduated from Ahmadu Bello University in 1983 with a B.Sc. in Accountancy.
- In 1991, he obtained a master’s degree in Money, Banking and Finance from the University of Birmingham, United Kingdom.
- A Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a CFA charterholder, Yuguda commenced his career in 1984 at the Central Bank of Nigeria as a Senior Supervisor in the Foreign Operations Department.
- He also worked as an economist in the Africa Department of the International Monetary Fund from 1997 to 2001, when he returned to the CBN.
He retired from the CBN in 2016 after serving as Director of the Reserve Management Department for six years.
What You Should Know
In 2020, the Senate confirmed the appointment of Lamido Yuguda as Director-General of the Securities and Exchange Commission (SEC).
- This was disclosed by Bashir Ahmad, Personal Assistant to Muhammadu Buhari on New Media, via his Twitter handle at the time.
- President Buhari, in a letter, sought the approval of the Senate during the plenary session on Tuesday, May 19, 2020, for the appointment of Yuguda as Director-General of the commission and other nominees.
In the letter read by the Senate President, the President said that, pursuant to Sections 3 and 5(1) of the Investment and Securities Act 2007, he wrote to request confirmation by the Senate of the appointment of Yuguda and others as Director-General and Commissioners of the Securities and Exchange Commission.
