Senate makes U- turn on confirmation of CBN deputy governors

The Senate on Tuesday made a U- turn on its earlier position not to screen the nominees for the Central Bank of Nigeria (CBN) Board, as it has now agreed to consider and confirm the nominees.

According to the Senate, the move to have a change of mind is to enable the Monetary Policy Committee, MPC of the CBN meet on the 18 th of this month.

Prior to taking the decision, the Senators had gone into an executive session where the issue was said to have been discussed to save the country from any embarrassment and for the overall interest of the people.

The resolution of the Senate was sequel to a point of Order by the Chairman, Senate Committee on Banking and other Financial Institutions, Senator Rafiu Ibrahim who pleaded that the non composition of the board was affecting the economy, adding that the board cannot meet for lack of quorum.

It will be recalled that the Senate, in October, received the nomination of Mrs. Aishah Ahmad as a Deputy Governor of the CBN and President Muhammadu Buhari equally nominated members of the Monetary Policy Committee of the CBN.

The nominees, who are to replace four members whose tenure expired at the end of last year, were Professor Adeola Festus Adenikinju; Dr Aliyu Rafindadi Sanusi; Dr Robert Chikwendu Asogwa and Dr Asheikh A. Maidugu.

A statement by the Presidency on October 5 indicated that the nomination was “In accordance with the provisions of Section 8(1) (2) of the Central Bank of Nigeria (Establishment) Act 2007.”

But the Senate had refused to consider the nominations ever since, in line with its resolution in April not to screen nominees from the President in protest against the declaration by then Acting President Yemi Osinbajo, who was reported as saying that confirmation of nominees by the Senate was subject to Section 171 of the Constitution.

Details later…


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