Senate confirms CBN’s Cardoso to chair MPC
By Abbanobi Eku Onyekachi
The Senate has confirmed the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, as the Chairman, the Monetary Policy Committee (MPC) of the CBN; and 11 others as members.
The senate confirmed the 12 nominees after considering the report of the Committee on Banking, Insurance and Other Financial Institutions presented by Senator Abiru Adetokunbo, Chairman of the Committee during plenary on Thursday.
The members of the MPC confirmed by the Senate include, four deputy governors of the CBN: Mohammed Sani Abdullahi, Bala Bello, Emem Usoro, and Philip Ikeazor.
Other members were: Lamido Yuguda, who is the DG of the Securities and Exchange Commission (SEC); Jafiya Lydia Shehu, who is Permanent Secretary, Federal Ministry of Finance; Murtala Sabo Sagagi, Aloysius Uche Ordu, Aku Pauline Odinkemelu, Mustapha Akinwumi and Bamidele Amoo.
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.
Senator Akpabio referred the request to the Senate Committee on Banking, Insurance and other Financial Institutions for further legislative input.The request was then referred to the committee for action.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.
Senator 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.
He informed that the committee screened six of the 12 nominees on Wednesday, February 21, but did not screen the CBN Governor, Deputy Governors and the Permanent Secretary of the Finance Ministry because they were recently screened by the Senate for their current positions.
