- President sacks NMDPRA’s Chief Executive, recommends successor
The Senate yesterday confirmed the appointment of Mr. Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN).
The lawmakers described the appointee as “a square peg in a square hole”.
This happened as President Bola Ahmed Tinubu approved the removal of the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Saidu Mohammed, and nominated Mr. Rabiu Abdullahi Umar to take over.
Yuguda’s confirmation followed the consideration and adoption of the report of the Senate Committee on Banking, Insurance and Other Financial Institutions.
Presenting the report, the committee’s Chairman Adetokunbo Abiru (APC, Lagos East), said the nominee was found suitable for the position based on his vast experience, competence and knowledge of the financial sector.
Abiru said the committee’s recommendation was in line with Section 8(1) of the CBN Act.
According to him, Yuguda demonstrated “enormous financial and monetary knowledge” during the screening the committee conducted yesterday.
He also informed the Senate that no petition was received against the nominee.
“We found him suitable for the position by virtue of his knowledge, experience and impressive performance during screening,” Abiru said.
The committee chairman urged the Senate to confirm the appointee.
Senator Danjuma Goje (Gombe Central), who seconded the motion for confirmation, said President Bola Ahmed Tinubu made the right choice in nominating Yuguda for the sensitive monetary policy position.
“President Bola Tinubu made the right choice on the appointment,” Goje said.
Following overwhelming voice votes by senators, Senate President Godswill Akpabio formally confirmed Yuguda’s appointment.
The Senate President described the appointee as “a square peg in a square hole”.
He hailed President Tinubu for what he called a very suitable appointment.
Yuguda enjoyed a smooth screening process before the Senate Committee on Banking, Insurance and Other Financial Institutions, where he was granted the parliamentary privilege of “take a bow and go”.
The confirmation occurred despite Abiru’s initial move to subject the nominee to detailed questions on monetary and fiscal policy, given the office’s strategic importance.
But Senator Osita Izunaso (Imo West) moved a motion that Yuguda be allowed to take a bow and leave without rigorous questioning.
The lawmaker alluded to the appointee’s previous screenings by the Senate for other high-profile positions.
The motion was seconded by Senator Sharafadeen Alli (Oyo South).
Izunaso said Yuguda was already well known to lawmakers, having appeared before the National Assembly on several occasions, including during his confirmation as Director-General of the Securities and Exchange Commission (SEC).
“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 screened him three different times in the past for some other very important positions like Director-General of SEC and member of the monetary control of CBN,” Izunaso said.
He added: “Personally, as Chairman of the Senate Committee on Capital Market, I had close interaction with Mr. Yuguda as DG of SEC and found him eminently suitable for the position of Deputy Governor of CBN nominated by President Tinubu.”
Also, President Tinubu has approved the removal of the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Saidu Mohammed.
The Presidency said the removal of Mohammed from the NMDPRA was taken in the interest of the public.
Umar’s nomination is subject to confirmation by the Senate.
A statement yesterday in Abuja by the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, said the change is in line with the provisions of the Petroleum Industry Act, 2021, and is aimed at strengthening regulatory effectiveness in the country’s midstream and downstream petroleum sector.
According to the statement, the decision aligns with the administration’s Renewed Hope Agenda, particularly in enhancing institutional capacity within critical energy sector agencies.
Pending the Senate’s confirmation of the new nominee, the most senior official of the NMDPRA will oversee the operations of the agency in an acting capacity.
Umar is described as a seasoned executive with over 25 years of experience spanning the energy, manufacturing and infrastructure sectors.
He is said to be an expert in strategic leadership, operational transformation and large-scale project delivery.
He is a graduate of Accounting from Bayero University, Kano (BUK) and an alumnus of Harvard Business School.
The President expressed appreciation to the outgoing Chief Executive for his service to the nation and wished him well in his future endeavours.
“Pending the Senate’s confirmation of the new nominee, the most senior official of the NMDPRA will oversee operations in an acting capacity.
“President Tinubu thanks the outgoing Authority Chief Executive for his service and wishes him well in his future endeavours.
“The President remains committed to ensuring capable leadership in key regulatory institutions to advance energy security, sector reform, and sustainable economic growth,” the statement said.
