Cardoso confirmed as CBN’s MPC chair, 11 others as members

Sharon EboesomiFebruary 22, 20243 min

Senator Abiru said that all of the CBN MPC nominees had received clearance from security agencies and that the panel had not received any petitions objecting to their nominations.

CBN governor

The Senate, on Thursday, confirmed the nominations of 12 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.

CBN governor, Olayemi Cardoso, was confirmed as MPC chairman. 

Those confirmed as members 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; Alloycius Uche Ordu, Aku Pullen Odukemelu, Mustapha Akinwunmi and Bamidele A.G. Amoo.

Recall that President Bola Ahmed Tinubu, in a letter addressed to the Senate President, Godswill Akpabio, asked the Red Chamber to confirm the nominees in line with the provisions of Section 12 of the Central Bank of Nigeria (CBN) Act 2007.

READ ALSO: Senate grills CBN’s MPC Nominees over food crisis and forex challenge 

In his presentation, Senate Committee Chairman Senator Adetokunbo Abiru (APC, Lagos) stated that the nominees met the requirements in terms of education, training, and work experience to join the Central Bank of Nigeria’s Monetary Policy Committee. 

He told the Senate that on Wednesday, February 21, the committee had screened six of the twelve nominees; however, because the CBN governor, deputy governors, and permanent secretary of the finance ministry had already undergone screening for their current roles, they were not screened.

All nominees are experienced in economics and financial services. Their appointment is in accordance with the provisions of the CBN Act 2007 and we did not receive any petition against them,” he said.

To help Nigerians escape the current economic crisis, Senate President Godswill Akpabio urged MPC members to apply their knowledge to reroute monetary policies and also contribute to fiscal policies.

Sharon Eboesomi

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