The financial governance landscape in Nigeria recorded another major development on 11 March 2026, when President Bola Ahmed Tinubu nominated Lamido Abubakar Yuguda, a former Director-General of the Securities and Exchange Commission (SEC), as Deputy Governor of the Central Bank of Nigeria (CBN).
The nomination, which still requires confirmation by the Senate, forms part of ongoing efforts by the Tinubu-led administration to strengthen the leadership and policy direction of the apex bank.
The move also comes amid broader reforms in the financial sector, where the government has been repositioning institutions responsible for monetary policy, financial regulation, and economic stability.
Background to the Nomination
The Presidency announced Yuguda’s nomination through a statement issued by Bayo Onanuga, Special Adviser to President Tinubu on Information and Strategy. According to the statement, the appointment was made in accordance with Section 8(1) of the CBN Act, 2007, which empowers the President to appoint deputy governors of the central bank subject to Senate confirmation.
The nomination follows the recent redeployment of former CBN Deputy Governor, Bala Bello, who was appointed Special Adviser to the President on Political Economy, thereby creating a vacancy in the apex bank’s leadership structure.
President Tinubu also urged the nominee to carry out his responsibilities with professionalism and dedication, emphasizing the importance of strengthening Nigeria’s economic stability and growth through effective monetary policy and financial system oversight.
Profile of Lamido Yuguda
Lamido Abubakar Yuguda is widely regarded as an experienced financial sector professional with extensive experience in banking, financial regulation, and international economic policy.
Education
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Bachelor’s degree in Accountancy from Ahmadu Bello University (1983)
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Master’s degree in Money, Banking and Finance from University of Birmingham, United Kingdom (1991)
Professional Credentials
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Fellow of the Institute of Chartered Accountants of Nigeria (ICAN)
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Chartered Financial Analyst (CFA)
Career Highlights
Yuguda has held several prominent roles across Nigeria’s financial and regulatory institutions:
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Central Bank of Nigeria (CBN)
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Began his career in 1984 as a Senior Supervisor in the Foreign Operations Department.
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Later rose through the ranks and eventually served as Director of the Reserve Management Department.
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Retired from the bank in 2016 after decades of service.
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International Monetary Fund (IMF)
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Worked as an Economist in the Africa Department from 1997 to 2001.
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Corporate and Institutional Boards
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Served as a non-executive director at major institutions including:
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Africa Finance Corporation
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Asset Management Corporation of Nigeria (AMCON)
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National Pension Commission (PENCOM)
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Director-General of the SEC (2020–2024)
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Yuguda led the Nigerian capital market regulator from 2020 to 2024, where he implemented reforms aimed at improving transparency and strengthening the capital market.
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Role of a CBN Deputy Governor
The Deputy Governors of the Central Bank of Nigeria play critical roles in shaping monetary and financial system policies.
Typically, each deputy governor oversees a specific directorate such as:
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Economic policy
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Financial system stability
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Corporate services
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Operations
They work closely with the CBN Governor and Monetary Policy Committee to guide Nigeria’s monetary policy decisions, including interest rate adjustments, banking regulations, and exchange rate management.
Significance of the Appointment
1. Strengthening Financial Sector Leadership
Yuguda’s long experience in both central banking and capital market regulation is expected to bring technical expertise to the apex bank’s leadership team.
2. Alignment with Economic Reform Agenda
The Tinubu-led administration has focused on financial sector reforms and macroeconomic stabilisation, including currency reforms, fiscal adjustments, and capital market development. Yuguda’s appointment aligns with these priorities.
3. Institutional Continuity
Having previously worked at the CBN and the SEC, Yuguda brings institutional memory and regulatory experience, which may help coordinate policies between Nigeria’s banking system and capital markets.
Next Steps: Senate Confirmation
Before assuming office, Yuguda’s nomination must be screened and confirmed by the Senate, as stipulated in the CBN Act.
The Senate will likely assess:
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His professional qualifications
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Previous public service record
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Policy perspectives on monetary management and financial stability
Once confirmed, he will formally join the leadership of the Central Bank of Nigeria.
Conclusion
The nomination of Lamido Yuguda as Deputy Governor of the Central Bank of Nigeria reflects President Tinubu’s continued restructuring of key economic institutions. Yuguda’s extensive experience in central banking, global finance, and capital market regulation positions him as a significant addition to the CBN’s leadership.
If confirmed by the Senate, his role will be central to Nigeria’s efforts to strengthen financial system stability, deepen capital markets, and support sustainable economic growth.