The Council made the confirmation at its emergency meeting at the Presidential Villa, Abuja on Wednesday.
It was the first meeting of the Council presided over by President Muhammadu Buhari.
Apart from the confirmation of the new INEC chairman, the Council also approved the appointment of five new national commissioners for the electoral body.
They are: Amina Zakari, northwest; Anthonia Okoosi-Simbine, north central and Baba Shettima Arfo, northeast.
Others are: Soyebi Adedeji Solomon, southwest and Mohammed Mustafa Lecky from the South-South.
Mrs. Zakari, now a national commissioner was appointed acting chairman of the Commission on June 30 shortly after the former Chairman, Attahiru Jega, completed his five year tenure.
Before his new appointment, Mr. Yakubu, a professor of history and international studies, was the executive secretary of Tertiary Education Trust Fund.
He had his early education at Kobi Primary School from where he proceeded to the Teachers’ college, Toro and later to the University of Sokoto (now Usmanu Danfodiyo University) where he graduated with a First Class Honours Degree in History.
He is the first and only person from the whole of Northern Nigeria to have obtained a first class Honours Degree in History.
Yakubu later gained admission to the prestigious University of Oxford where he bagged a Doctor of Philosophy Degree with specialisation in Nigerian History at the age of twenty-nine (29) in 1991.
He was a recipient of the Bauchi State Government Scholarship to study at both the Cambridge and Oxford Universities in England and his outstanding intellectual artistry at Cambridge further earned him the Scholarship of the Cambridge Commonwealth Trust.
He was a three time-time winner of the Overseas Research Student (ORS) Award by the London-based Committee of Vice-Chancellors of United Kingdom (UK) Universities.
He was also a proud recipient of the competitive Commonwealth Scholarship by the Association of Commonwealth Universities tenable at the University of Oxford.
He was a member of the Oby Ezekwesili Educational Transformation Team which received plaudits from Nigerians for their far reaching recommendations for the turnaround of the fortunes of education in Nigeria.
He was an Assistant Secretary, Finance and Administration, at the 2014 National Conference during the administration of former President Goodluck Jonathan.
He is an expert in guerrilla warfare, terrorism and counter-terrorism.