Senate reverses self, to screen CBN deputy governors, others

Wednesday, 14 Mar, 2018

At legislative proceedings, the Senate decided to make concessions by screening for confirmation nominees for the position of Deputy Governor of CBN and members of the Monetary Policy Committee of the CBN.

The upper chamber had in January embargoed subsequent confirmation of nominees from the presidency pending when the impasse on whether or not it has certain constitutional powers to confirm some nominees was resolved.

The pending confirmations are Aisha Ahmad (as Deputy Governor of CBN) and four members of the MPC of the CBN; Adeola Adenikinju, Aliyu Sanusi, Robert Asogwa and Asheikh Maidugu.

Mr Ibrahim, who doubles as Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, pointed out that the refusal of the red chamber to screen and confirm the nominees was having a negative effect on the nation's economy.

He explained that the MPC is made up of 12 members; about seven from the private sector and five inside the Central Bank, adding that only three are valid. Nearly all other members, their tenure expired in December a year ago and culminated in the MPC meeting not being held in January (22nd and 23rd) and the next meeting is March 19 & 20.

Recall that Godwin Emefiele, Governor, Central Bank of Nigeria (CBN), had in January allayed fears over to the inability of the Central Bank of Nigeria (CBN) to hold its January 2018 Monetary Policy Committee (MPC) meeting.

"MPC is a creation of the CBN Act which is autonomous". It is not run by the board of the central bank but each meeting of every two months bothers on the economy.

"As it is today, It's already affecting the foreign direct investment in Nigeria".

The Senate is taking this decision after a Federal Lawmaker Senator Rafiu Ibrahim, appealed to the lawmakers to confirm the nominees for the position of Deputy Governor of CBN and members of the Monetary Policy Committee of the CBN. It is important we reconsider our stand in respect of our earlier decision on confirmation.

In his remarks, Senate President, Bukola Saraki, who presided, said: "Let me acknowledge and thank my colleagues for the statesmanship role you continue to play".

The Board of the CBN has been unable to meet because it does not have the required number to do so. "We should make this exception so that our economy does not collapse", said Ekweremadu. For all it takes, we will continue to ensure that we see the best in the ease of doing business and promoting confidence.