Ahead Of MPC Meeting, Senate Confirms Cardoso, 11 Others As Chair, Members

The Senate has confirmed CBN governor, Olayemi Cardoso and 11 others that were nominated by president Bola Ahmed Tinubu as members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) following the consideration of a report by the Committee on Banking, Insurance and Other Financial Institutions.

The other 11 people that were confirmed are: Muhammad Sani Abdullahi, CBN deputy governor; Bala M. Bello, CBN deputy governor; Emem Usoro, CBN deputy governor; Philip Ikeazor, CBN deputy governor and Lamido Yuguda, DG Securities and Exchange Commission.

Others are: Jafiya Lydia Shehu, Permanent Secretary, Ministry of Finance;  Murtala Sabo Sagagi, CBN director; Aloysius Uche Ordu, Aku Pullen Odukemelu, Mustapha Akinwunmi and Bamidele A.G. Amoo.

President Bola Ahmed Tinubu, in a letter addressed to the Senate President Godswill Akpabio, asked the Red Chamber to confirm the nominees.

President Bola Tinubu, had in a letter read on the floor of the Senate during plenary on Wednesday, February 14th sought the confirmation of the nominees, ahead of the MPC meeting next week. The request was then referred to the committee for action.

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Tinubu said his action was in line with the provisions of Section 12 of the Central Bank of Nigeria (CBN) Act 2007.

The chairman of the Senate committee, Senator Adetokunbo Abiru (APC, Lagos), in his presentation, said the nominees possess the academic qualifications, technical knowledge and professional experience to be members of the Monetary Policy Committee of the Central Bank of Nigeria.

He said the panel did not receive any petition against their nominations, adding that the nominees were all cleared by the security agencies.

The MPC is the highest policy making committee of the apex bank with the mandate to: review economic and financial conditions in the economy; determine appropriate stance of policy in the short to medium term; review regularly, the CBN monetary policy framework and adopt changes when necessary.

Adetokunbo, chairman of the Committee, while presenting the report assured that the Chairman and members have the requisite knowledge and experience for the crucial task ahead of them.