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Nigeria’s financial sector is set for another leadership change after Bola Ahmed Tinubu nominated Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN).
The nomination, which was announced by the presidency, is subject to confirmation by the Nigerian Senate and is part of ongoing efforts to strengthen economic management and financial stability in the country.
Yuguda, a seasoned financial expert and former Director-General of the Securities and Exchange Commission (SEC), is expected to bring decades of experience in banking regulation, international finance, and capital market administration to the Central Bank.
According to a statement from the presidency, the nomination follows the recent reassignment of Bala Bello, who previously served as a deputy governor at the CBN.
Bello was recently appointed Special Adviser to the President on Political Economy, creating a vacancy in the Central Bank’s leadership structure.
The appointment of Yuguda is therefore intended to fill that leadership gap while strengthening the institution responsible for Nigeria’s monetary policy, banking regulation, and financial stability.
Presidential spokesperson Bayo Onanuga stated that the president expects Yuguda to serve with “dedication and professionalism” in helping advance Nigeria’s economic stability and growth.
Lamido Yuguda is widely regarded as one of Nigeria’s most experienced financial regulators.
Before his nomination to the CBN leadership, he served as Director-General of the Securities and Exchange Commission from 2020 to 2024, where he oversaw reforms aimed at strengthening Nigeria’s capital market and boosting investor confidence.
His tenure at the SEC focused on improving regulatory oversight, promoting transparency in the capital market, and attracting more investment into Nigeria’s financial system.
Interestingly, Yuguda’s career in finance began at the Central Bank of Nigeria itself.
He started working at the CBN in 1984 as a Senior Supervisor in the Foreign Operations Department, where he gained experience in international financial transactions and banking regulation.
This early exposure to central banking operations helped shape his career trajectory in financial regulation and economic policy.
Over the years, he also gained global experience working with international financial institutions.
Between 1997 and 2001, Yuguda worked as an economist in the Africa Department of the International Monetary Fund (IMF).
During that period, he contributed to economic policy analysis and financial programmes affecting African economies.
His experience at the IMF provided him with insights into international financial systems and economic policy frameworks — expertise that analysts say will be valuable at the Central Bank.
Yuguda has a strong academic background in finance and economics.
He earned a Bachelor of Science in Accountancy from Ahmadu Bello University in 1983.
He later obtained a Master’s degree in Money, Banking and Finance from the University of Birmingham in 1991.
In addition to his academic qualifications, Yuguda is:
These credentials highlight his expertise in accounting, investment management, and financial regulation.
Deputy Governors at the Central Bank play a crucial role in Nigeria’s economic management.
They work alongside the CBN governor to:
The CBN leadership structure typically consists of one governor and four deputy governors, each overseeing specific directorates within the institution.
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