Profile of Lamido Yuguda, new CBN Deputy Gov nominee

Lamido Abubakar Yuguda, a highly experienced economist and financial strategist, has been appointed as Deputy Governor of the Central Bank of Nigeria, with the appointment pending confirmation by the Nigerian Senate.

Known for his decades-long career in banking, capital market oversight, and economic policy, Yuguda is considered one of Nigeria’s leading financial minds.

Background

Yuguda’s journey in finance began with a Bachelor of Science degree in Accountancy from Ahmadu Bello University, Zaria, in 1983.

Determined to deepen his expertise, he pursued a Master’s degree in Money, Banking and Finance at the University of Birmingham in the United Kingdom, graduating in 1991.

He later enhanced his technical and investment management skills with a Certificate in Financial Asset Management and Engineering from the Swiss Finance Institute in Geneva.

To further refine his leadership and executive skills, Yuguda has attended prestigious programmes at global institutions, including Harvard Business School, INSEAD, IMD Business School, Saïd Business School at Oxford, Wharton, Haas, Kellogg, Chicago Booth, and London Business School.

A distinguished career at the Central Bank

Yuguda’s career at the Central Bank of Nigeria spanned more than three decades, during which he held increasingly senior roles across key departments.

He began in the Foreign Operations Department, maintaining Nigeria’s external debt records, and later contributed to banking supervision, regulatory oversight, and bank licensing.

He was also a pioneer staff member in the secretariat of Nigeria’s Debt Conversion Programme, playing a vital role in the country’s financial restructuring initiatives.

Rising through the ranks, Yuguda took on leadership roles in investment and reserve management. As Senior Manager in the Investment Office of the Foreign Operations Department, he managed Nigeria’s external reserves with a focus on secure and liquid investments.

Between 2010 and 2016, he served as Director of the Reserve Management Department, where he led teams in diversifying Nigeria’s foreign exchange reserves and implementing disciplined, risk-aware investment strategies that significantly strengthened the nation’s reserve assets.

International roles

From 1997 to 2001, Yuguda expanded his experience on the global stage as an economist at the International Monetary Fund in Washington, DC, working in the Africa Department.

In this role, he assessed economic policies and managed balance-of-payments support programmes for member countries across Africa.

This international exposure enhanced his understanding of macroeconomic policy and fiscal strategy, complementing his domestic expertise.

Leadership of Nigeria’s capital market

Following his retirement from the Central Bank, Yuguda was appointed Director-General of the Securities and Exchange Commission Nigeria in 2020, a position he held until 2024.

During his tenure, he championed reforms to strengthen investor protection, promote transparency, and deepen Nigeria’s capital markets, leaving a lasting impact on the regulatory landscape.

Recognitions

Beyond his public service, Yuguda has contributed his expertise as a Non-Executive Director at the Africa Finance Corporation and Premium Pension Limited, providing strategic guidance on corporate governance and financial management.

He holds the Chartered Financial Analyst (CFA) designation and is a Fellow of both the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Bankers of Nigeria.

Appointment

President Tinubu named Yuguda as deputy governor of the Central Bank of Nigeria in March 2026.

If confirmed by the Senate, Yuguda is expected to bring a wealth of technical expertise, strategic insight, and disciplined financial management to the Central Bank of Nigeria.

His appointment underscores a commitment to strengthening monetary policy, improving reserve management, and ensuring economic stability, positioning him to play a pivotal role in shaping Nigeria’s financial future.