Senate backtracks, to consider confirmation of CBN, MPC nominees

Nigerian Senate
Nigerian Senate

The Nigerian Senate on Tuesday resolved to make a concession to carry out the confirmation process for the two deputy governors and other members of the Monetary Policy Committee.

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.

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.

Coming under order 42 and 52, Mr. Ibrahim, who is also the Chairman of the Senate Committee on Banking and Finance, reminded the Senate that it had, in January, suspended all pending confirmations.

“I rise on the issue pertaining to a very significant aspect of the country’s economy knowing from inception of the 8th Senate that the 8th Senate is pro-economy, pro-foreign direct investment, pro-foreign controlling investment and I rise to ask that the senate do consider the possibility of us taking the very important aspect of the economy which is the Monetary Policy Committee”, he said.

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.

“As at today, only three of them are valid. Almost all other members, their tenure expired in December last year and culminated into the MPC meeting not being held in January (22ndand 23rd) and the next meeting is March 19 &20.

“I want to appeal to our colleagues, we have three requests regarding the board of the Central Bank; two deputy governors who are also members of MPC and MPC members who are majorly in the private sector”, he said.

He further explained that the MPC is a creation of the CBN Act which is autonomous. “It is not run by the board of Central Bank but each meeting is very important to the economy”, he said.

“As it is today, It’s already affecting the foreign direct investment in Nigeria. Some foreign portfolio investments are already leaving, some that are supposed to come, are not coming.


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“We just want to appeal that we take only the aspect that affects the monetary policy committee, which is the independent members and the two deputy governors that are members of the MPC so the committee can continue to sit and direct the affairs of the financial sector which is the heart of the economy,” he said.

The Senate had resolved not to consider all such nominees until Ibrahim Magu is removed as acting chairman of the anti-graft EFCC.


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