The Senate has confirmed the nomination of Prof. Melvin Ayogu as a member of the Board of Directors of the Central Bank of Nigeria (CBN).
The approval was sequel to the presentation of the report of the Senate Committee on Banking, Insurance and other Financial Institutions during plenary.
The report was presented by Sen. Osita Izunaso (APC-Imo) on behalf of the Chairman of the Committee, Sen. Adetokunbo Abiru.
Presenting the report, Izunaso said that the request for confirmation of the nomination for appointment of Ayogu as a member of the Board of Directors of CBN was made pursuant to Provisions of Section 6 (1 and 2) of the Central Bank of Nigeria, Act.
According to him, the recommendation of the nominee is in tandem with the provisions of Section 10 (1) of the Act.
“It provides that the President, when appointing the nominee, shall have due regard to fair representation of the financial, agricultural, industrial and commercial interests and the principles of federal character.
“That the nominee’s performance during the screening exercise is indicative of his qualifications and suitability for the responsibilities associated with the position of the Director of the CBN.
“That the nominee possesses the expertise, knowledge and professional experience to be a member of the Board of Directors of the CBN.
“That the committee did not receive any petition against the nomination for appointment as a member of the Board of Directors of the CBN.
“That the nominee had been cleared by the Nigerian Police Force and Department of State Services (DSS)”.
Supporting the report, Sen. Ede Dafinone (APC-Delta) said the nominee is a Professor of Economics, schooled globally and has cut his teeth in economic theory and also practice globally.
“I wholeheartedly support and second the report of the committee approving his nomination as a director of the Central Bank”.
In his remarks, President of the Senate, Godswill Akpabio, expressed appreciation to the committee for the speedy and painstaking job they have done in clearing the nominee for confirmation by the senate.
“I congratulate the nominee and pray that he will add value to the CBN to solve the myriad of problems facing the financial and monetary sector of the Nigerian economy,” he said.
