Tinubu nominates Melvin Ayogu to CBN board, seeks senate confirmation
President Bola Tinubu has put forward Melvin Ayogu for a position on the Board of the Central Bank of Nigeria (CBN) and has formally requested Senate confirmation for the appointment.
The announcement was made on Wednesday by Bayo Onanuga, Special Adviser to the President on Information and Strategy.
“President Bola Tinubu has written to the Senate, requesting confirmation of Prof. Melvin Ayogu’s appointment to the Central Bank of Nigeria’s (CBN) Board of Directors,” Onanuga stated on his X, formerly Twitter, handle.
Alongside Ayogu’s nomination, Tinubu also sought Senate approval for Nwakuche Ndidi as the Controller-General of the Nigerian Correctional Service. These requests, outlined in letters to Senate President Godswill Akpabio, were presented during Tuesday’s plenary session.
Earlier, in February 2024, Tinubu had nominated Robert Agbide, Ado Wanga, Murtala Sagaley, Urom Eke, and Olayinka Aliyu to serve on the CBN board.
However, on 29 February 2024, the Senate confirmed four of the nominees after Eke withdrew from consideration, citing a “conflict of interest.”
Following Eke’s withdrawal, Tinubu nominated Ruby Onwudiwe as his replacement on 13 March 2024. Reports later emerged that the president rescinded her nomination a day after due to her political affiliation with the Labour Party, which opposes the ruling All Progressives Congress.
Meanwhile, the CBN recently urged financial institutions to enhance their compliance frameworks and align with international banking standards to counter illicit financial activities and safeguard the integrity of the financial system.
The central bank made this appeal at the Mandatory Compliance and Anti-Money Laundering (AML) Training Workshop, held in Lagos on 28 February 2025, in collaboration with Citi.
The event brought together compliance officers, trade operations specialists, and correspondent banking teams from various financial institutions to examine global regulatory developments, financial risks, and best practices for maintaining compliance.
The CBN reiterated its dedication to strengthening regulatory oversight and ensuring that Nigerian banks implement adaptable, risk-based Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) frameworks that conform to evolving global standards.
Speaking at the event, Shola Phillips, Special Adviser to the CBN Governor on Compliance, underscored the necessity for financial institutions to adopt compliance structures that meet international best practices.
She pointed out that correspondent banking relationships are increasingly dependent on rigorous compliance measures, making it crucial for Nigerian banks to refine their risk management systems.
She also noted that failure to align with global compliance expectations could subject Nigerian banks to greater scrutiny from international financial bodies, potentially limiting their access to global banking networks.
