Senate confirms appointment of members of MPC in CBN



By Haruna Salami

The Senate on Wednesday confirmed the appointment of the members of the Monetary Policy Committee in the Central Bank of Nigeria, CBN.

This was sequel to the consideration of a report by Senate Committee on Banking, Insurance and Other Financial Institutions on the confirmation of appointment of members of the Monetary Policy Committee in CBN.

The report was presented by the Chairman of the Committee, Senator Uba Sani (Kaduna Central).

It will be recalled that President Muhammadu Buhari had, in a letter dated 23rd February, 2022 requested the Senate to  confirm the appointment of the members of the Monetary Policy Committee of the CBN.

President Buhari explained that the confirmation and membership renewal request was made pursuant to Section 12(4) of the Central Bank Act, 2007.

He requested the confirmation of two new nominees and renewal of five members of the Monetary Policy Committee.

In presenting the report, Sen. Sani noted that their appointment was in accordance with section 12 (2) of the CBN Act 2007

He further stated that the nominees possessed academic qualifications, technical knowledge and professional experience to be members of the Monetary Policy Committee of the CBN.

The lawmaker also mentioned that the committee did not receive any petition against any of the nominees, adding that they have been cleared by Nigeria Police Force and DSS.

The two new nominees for confirmation are Prof. Mohammed Adaya Salisu and Dr. Mo’ Omamegbe while those for renewal include: Prof. Michael Obadan, Prof. Festus Adeola Adenikinju, Prof. Aliyu Sanusi Rafindadi, Dr. Robert Asogwa and Alhaji Aliyu Ahmed.

The Senate, accordingly, adopted the report of the committee and confirmed the appointment of the Monetary Policy Committee in the CBN.