The Central Bank of Nigeria Governor and deputy governor seats are up for nomination, and the National Assembly has made it clear that it intends to move quickly through the selection process.
Along with a list of the president’s two nominations for cabinet positions, the parliament promised to carry out this.
Yemi Cardoso was chosen by the president to be the new governor of the Central Bank of Nigeria on Friday.
In 1999, Cardoso served as the commissioner for economic planning and budgeting in Lagos State.
Additionally, Tinubu gave his approval for the appointment of four new deputy governors of the top bank, each of whom will hold office for a comparable initial term of five years, subject to Senate confirmation.
The candidates are Philip Ikeazor, Bala Bello, Emem Usoro, and Muhammad Abdullahi-Dattijo.
But the Senate declared on Sunday that it will review the CBN governor and other top executives along with the new ministerial nominations as soon as it received an executive communication to that effect upon returning from its yearly break.
On Sunday, Yemi Adaramodu, the chairman of the Senate Committee on Media and Publicity and the Senate’s spokesperson, declared that the Red Chamber was prepared to “act swiftly” over the screening of the nominees.
As Minister of Youths and Minister of State for Youths, respectively, the President appointed Dr. Jamila Ibrahim and Ayodele Olawande on Sunday.
The Senate must vote to ratify each minister’s appointment. In a statement, Ajuri Ngelale, the president’s special envoy for media and publicity, made a note.
48 nominees for ministerial positions had already been given to the president in two batches for his approval.
Although 45 ministerial nominations were approved, three nominees, including the former Nexim Bank MD Stella Okotete and the former Kaduna Governor Nasir El-Ruffai, were turned down by the Red Chamber.
The Senate will likely reconvene on Tuesday, September 26 after having taken its usual break following the screening.
After the outgoing governor, Godwin Emefiele, reportedly resigned, Cardoso was nominated.
The press release’s headline reads, “President Tinubu nominates new CBN Governor and management team for senate screening and confirmation.”
As long as they are confirmed by the Senate, Tinubu also gave his approval to the nomination of four new Deputy Governors of the Central Bank of Nigeria, each for a term of five years at the outset.
As a result of President Bola Tinubu’s selection of him, Folashodun Adebisi Shonubi had been in control of the top bank in an acting role.
Adaramodu remarked in response to a question about when the Senate would review the new nominations, “We are commencing on September 26. As soon as the Executive is able, the Senate will be anticipating the nominations.
Ministerial and other statutory nominees must be submitted to the Senate by the Executive in order for it to vet and confirm them, as required by the Constitution. The Senate is prepared to take speedy action in this matter.
Ministers would increase from 45 to 47 once confirmed.
a court case
President Bola Tinubu may need to fire the four deputy governors who worked under Godwin Emefiele in light of the nominations of Yemi Cardoso as the CBN’s new governor and Mrs. Emem Usoro, Mr. Muhammad Dattijo, Mr. Philip Ikeazor, and Dr. Bala Bello as the new deputy governors of the top bank.
Godwin Emefiele had to step down, Reuters reports, despite being in custody, in order to make room for Cardoso to take his position.
The CBN legislation of 2007 grants the President the authority to dismiss deputy governors, even though the legislation stipulates that a Senate vote or a written resignation from the CBN governor is necessary before their removal.
Section 11 (1) of the act states, “A person shall not remain a Governor, Deputy Governor or Director of the Bank if he (f) is removed by the President: Provided, That the removal of the Governor shall be supported by two-thirds majority of the Senate praying that he (she) be so removed.”
Folashodun Shonubi (Operations Directorate Oct 2018–Sep 2023) is one of the deputy governors who is most likely to be fired. He is now serving as acting governor.
Additionally, there are Dr. Kingsley Obiora (Economic Policy Directorate Mar 2020-Sep 2023) and Aishah Ahmad (Financial System Stability Directorate Mar 2018-Sep 2023), Edward Adamu (Corporate Services Directorate Mar 2018-Sep 2023), and
In accordance with the Act, a board of directors composed of a “Governor who shall be the Chairman; four Deputy Governors; the Permanent Secretary, Federal Ministry of Finance; five Directors; and Accountant-General of the Federation” shall be responsible for setting policy and overseeing the general administration of the bank’s affairs and business.
Attorneys respond
Even though their terms as deputy governors of the CBN hadn’t ended, certain Senior Advocates of Nigeria protested with the nomination of four new ones.
They couldn’t be substitutes for them unless they were taken out, according to Mike Ozekhome, SAN.
Tenure is legally defined, he said. It is impossible to replace someone unless they are first fired. One palace is not large enough to accommodate two Obas, two Ezes, or two Emirs. Before a new king takes the throne, one must step down.
Additionally, a lawyer named Adegoke Rasheed, SAN, said that their nominations were legal and in accordance with statute.
Additionally, he said that anyone having complaints about them should contact the proper parties.
“I think their appointments are constitutionally acceptable and in accordance with the law,” Adegoke added. Once the Senate has confirmed them, their appointments are legally valid even though they are still only temporary. Some people could feel uncomfortable in the position that can be elevated to the right quarters because of their problems.
According to Ifedayo Adedipe, SAN, the president should be permitted to pick persons who could advance his agenda in light of the corruption charges made against the apex bank.
According to him, the president ought to pick someone who can aid him in carrying out his ideas, he declared. We are concerned by the reports that the apex bank is involved in unfathomable corruption. A lot of work lies ahead for the president. As long as there are no security concerns, we have to let him choose whoever he likes because this nation is in a mess.
requests from the private sector
Segun Ajayi-Kadir, the Director-General of the Manufacturers Association of Nigeria, pleaded with the incoming CBN leadership to place attention on matters related to monetary policy and the management of foreign exchange.
He stated, “I believe that one of the things we will want is to get our monetary policy right, as well as the management of the foreign exchange.”
The Nigeria Employers Consultative Association’s Director General, Mr. Wale Oyerinde, also spoke, stating that the country’s foreign exchange situation must be addressed by the new governor of the Central Bank of Nigeria (CBN).
He declared, “There is no doubt that the new CBN governor faces a challenging assignment. However, the first step would be to address the ongoing FX issue as soon as possible, as this is the main driver of the economy’s high inflation and rising interest rates.
“Tackling the FX problem is likely to reduce inflation and interest rates. In this regard, it’s critical to assess the actual state of Nigeria’s foreign exchange reserves in order to resolve the recent JP Morgan debate, which claimed that the reserves were actually $3.9 billion rather than the $33 billion that the previous CBN management had claimed. This evaluation will also help to establish whether reserves may be used for intervention.
“It is also crucial that the new management of the apex bank should strongly engage the presidency, which is also in charge of petroleum resources, to broker how to upsize crude oil production to at least the 1.6 million barrels per day Organization of Petroleum Exporting Countries quota for Nigeria in order to improve the level of forex inflow,” he continued.
“The CBN must increase its currency intervention and sales to the official forex market with a direction for increased forex allocation to the productive sector if it hopes to maintain economic control. Despite being enormous, the task is manageable.
The necessity for financial system stability was also emphasized by Dr. Ikenna Nwaosu, a facilitator with the Nigerian Economic Summit Group in response to the new appointment.
For his part, Gabriel Idahosa, the deputy president of the Lagos Chamber of Commerce and Industry, encouraged the new leadership of the top bank to address persistent problems including unlimited borrowing from the Federal Government as well as a full examination of the nation’s monetary policy.
In order to increase foreign currency inflows into the nation, he also advocated for the creation of an international financial center. This would provide a free zone for foreign currency.
We also hope the incoming CBN governor would be innovative, Idahosa stated. He has a significant amount of experience in the financial sector. The Nigeria International Financial Centre was one of the things we anticipated the CBN to achieve since Soludo’s administration. Following the establishment of the Africa Finance Corporation, Soludo’s next major endeavor was to create the Nigeria International Financial Centre, a free zone foreign currency similar to those in Dubai or Hong Kong.
“If we had an international financial center, people could bring their money in and take it out whenever they wanted, allowing for a free flow of foreign exchange into and out of the nation. Therefore, foreign currencies might enter and exit that free zone without restriction. There would be a significant improvement in our access to foreign currency.
