Full List as Senate Confirms Appointment of Cardoso, 11 Others as MPC Members

Full List as Senate Confirms Appointment of Cardoso, 11 Others as MPC Members

  • The Senate has approved Olayemi Cardoso and 11 other members as Monetary Policy Committee members
  • They include the CBN deputy governors, CBN director, DG Securities and Exchange Commission and others
  • The chairman of the committee affirmed that no petitions were received against any of the members

Legit.ng journalist Zainab Iwayemi has over 3 years of experience covering the Economy, Technology, and Capital Market.

The Senate approved Olayemi Cardoso on Thursday, February 22, as the governor of the Central Bank of Nigeria to lead the Monetary Policy Committee (MPC).

Recall that as part of an ongoing reorganization, Nigeria's central bank intended to replace the external members of its monetary policy committee.

Senate confirms MPC member appointment
The senate approved the appointment of deputy governors of the CBN, the CBN director, SEC DG and others as members of the MPC. Photo Credit: SEC, CBN
Source: UGC

The Senate approved the appointment of deputy governors of the CBN, the CBN director, SEC DG, and others as members of the MPC to work with the CBN governor.

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Members of the committee include:

  • Muhammad Abdullahi (CBN deputy governor),
  • Bala Bello (CBN deputy governor)
  • Emem Usoro (CBN deputy governor)
  • Philip Ikeazor (CBN deputy governor)
  • Lamido Yuguda, (DG Securities and Exchange Commission)
  • Jafiya Lydia Shehu, (Permanent Secretary, Ministry of Finance)
  • Murtala Sabo Sagagi (CBN director)
  • Aloysius Ordu
  • Aku Odukemelu
  • Mustapha Akinwunmi
  • Bamidele Amoo

BusinessDay reported that following their passage by voice vote in the plenary, Cardoso and the others were confirmed by Senate President Godswill Akpabio.

During the committee meeting on Wednesday, members of the Senate Committee on banking, insurance, and other financial institutions vetted the nominees.

According to Abiru Adetokunbo, Chairman of the Committee, after looking over the nominees' curriculum vitae, the members discovered that each one was competent for the roles.

Mr Abiru said:

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

The MPC is a legally mandated organization created by section 12(1) of the CBN Act with the dual goals of assisting the Federal Government's economic policy and promoting price stability.

The committee was charged by the Act's section 12(3) with creating monetary and credit policy.

According to the act, the membership of the MPC comprises the Governor of the Bank, who shall be the Chairman; the four Deputy Governors of the CBN; two members of the Board of Directors of the bank; three members appointed by the President; and two members appointed by the CBN Governor.

CBN governor Cardoso shuns MPC meeting

Legit.ng reported that instead of holding the regular Monetary Policy Rate (MPR), analysts have identified another tool the CBN used to rein in inflation.

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Legit.ng had reported that the CBN had earlier suspended its MPC meeting in September, a few days after President Bola Tinubu announced the nomination of Yemi Cardoso as the new CBN governor.

The apex bank also postponed the MPC meeting scheduled for Monday and Tuesday, November 22, 2023.

Source: Legit.ng

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