MPC: Senate confirms CBN Deputy Governors, 3 others

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The senate has confirmed long awaited two deputy governors of the Central Bank of Nigeria (CBN) and three members of the Monetary Policy Committee.

Stakeholders have expressed relieved as Nigeria will now mhold  its first  decisions meeting in 2018 after a long tussle.

The upper Chamber on Thursday confirmed Mrs. Aishah Ahmad and Mr. Edward Lametek Adamu, as Deputy Governors of the apex bank, but only confirmed three of four nominees named as members of the MPC, including Adeola Adenikinju, Aliyu Sanusi and Robert Asogwa.

The senate thus rejected Asheikh Maidugu, as senators who screened him said they were dissatisfied with his responses to critical questions.

The Senate President, Dr. Bukola Saraki said, “I would like to thank the Committee on Banking and Finance and all our colleagues for this action today.

“We promised the country last week that within a week we would carry out this confirmation and we have done this.

“I thank you all for your cooperation. I thank the Executive for their continued cooperation.

“At this point, let me congratulate the two nominees.

“Particularly Mr. Edward Lamatek Adamu whose upliftment to a Deputy Governor will be great encouragement to the staff of the CBN who will see one of their own in this position.

“I am sure it will boost the morale within the institution. “I want to congratulate the management and Mr. President, and all those who have been involved in this entire process.

“Let me also commend and congratulate Mrs. Aishah Ahmad for her nomination to this very competitive role. “The two new Deputy Governors of the CBN are coming at a time when the economy is a major issue.

“We have just come out of a recession & we need to continue with our economic growth and see the sustainability of the foreign exchange and other related challenges.

“We hope that the two new Deputy Governors will work with the Governor to move the country and our economy in the right direction.

“We hope also, that you all will continue to work closely with the National Assembly to update us on the progress that is achieved by the Central Bank”, he said.

Reading out screening report of four nominees named as members of the MPC, the chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Rafiu Adebayo, described the three confirmed nominees as “very resourceful, diligent, articulate, competent and will add the needed value in the operations of the MPC.”

The Senate leader, Ahmed Lawan, thereafter moved that the MPC provide a replacement for the rejected nominee and this resolution was adopted by the senate.

Explaining the committee’s reason for rejecting Mr. Maidugu as a member of the MPC, he said, “The nominee was interviewed by the committee and he responded to the questions but the committee was dissatisfied with his response and concerned that he may not be independent and reach crucial decisions of the MPC that affects directly the whole economy.”

The Senate had, last week, resolved to make a concession to carry out the confirmation process for the two Deputy Governors of the Central Bank and other members of the Monetary Policy Committee, after earlier resolving not to consider all such nominees until Ibrahim Magu is removed as acting chairman of the anti-graft EFCC.

The resolution was sequel to a deliberation of a point of order raised by Rafiu Ibrahim (APC, Kwara South) urging members of the Senate to confirm the nominees for the sake of the economy of the nation.

It would be recalled that Senate President, Mr. Bukola Saraki last Wednesday said the senate will this week consider a report into nominations for the CBN’s MPC.

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