Senate confirms Ayogu member, CBN board of directors
The Senate, on Tuesday, confirmed the nomination of Professor Melvin Ayogu as a member of the Board of Directors of the Central Bank of Nigeria (CBN).
This approval followed the presentation of the report of the Senate Committee on Banking, Insurance, and Other Financial Institutions during plenary.
The report was delivered by Senator Osita Izunaso (APC–Imo) on behalf of the Committee’s Chairman, Senator Adetokunbo Abiru.
While presenting the report, Izunaso stated that the request for Ayogu’s confirmation as a member of the CBN Board of Directors was made in accordance with the provisions of Section 6 (1 and 2) of the Central Bank of Nigeria Act.
He noted that the nominee’s recommendation aligns with the provisions of Section 10 (1) of the Act.
“It stipulates that, in appointing a nominee, the President must give due consideration to equitable representation of financial, agricultural, industrial, and commercial interests, as well as adherence to the principles of federal character.
“The nominee’s performance during the screening process demonstrated his credentials and suitability for the role of Director of the CBN.
“The nominee possesses the requisite expertise, knowledge, and professional experience to serve as a member of the Board of Directors of the CBN.
“The committee did not receive any objections or petitions against his nomination.
“The nominee has been cleared by both the Nigerian Police Force and the Department of State Services (DSS).”
Supporting the report, Senator Ede Dafinone (APC–Delta) stated that the nominee is a Professor of Economics with a distinguished global education and extensive experience in both economic theory and practice.
“I fully endorse and second the committee’s report approving his nomination as a director of the Central Bank.”
In his remarks, the President of the Senate, Godswill Akpabio, commended the committee for their thorough and efficient handling of the screening process, leading to the nominee’s confirmation.
“I extend my congratulations to the nominee and trust that he will contribute meaningfully to the CBN in addressing the numerous challenges confronting Nigeria’s financial and monetary sectors,” he said.
