Senate Confirms Emefiele as CBN Governor for Second Term

Godwin Emefiele was Thursday confirmed by the Senate as Governor of Central Bank of Nigeria for a second term in office.

The confirmation followed the consideration and adoption of the report of the Senate Committee on Banking, Insurance and other Financial Institutions which recommended Emefiele’s confirmation for another five years in office.

The CBN Governor appeared before the committee on Wednesday for screening.

Chairman of the committee, Senator Rafiu Ibrahim, who presented the report, told his colleagues that his committee painstakingly screened Emefiele before arriving at the conclusion that he should be confirmed.

Ibrahim said: “The nominee made his presentation which covered his experience in banking even before becoming the Governor of the Central Bank.

“On assumption of office as the Governor of the Central Bank the nominee brought a number of initiatives which positively impacted on the Nigerian economy and boosted the revenue generation through promotion and ensuring the adherence to accessibility and transparency of Government finances.”

He said that the nominee has been able to maintain stable interest rate and effective management of foreign exchange regime in the country.

The committee chairman added that Emefiele initiated several policies and programmes which had positive effects on the country’s economy.

“After scrutinising him, at the end of the screening exercise the committee findings are as follows; that the nominee has more than 32 years of banking experience, that the nominee understands the diverse nature of the economy and has displayed profound knowledge of the continuous existence of the economic stability.

“That he has performed creditably well in his first tenure which resulted to the exit of the nation out of recession.

“Going by the nominee’s character, banking experience, vast economic knowledge and performance in his first tenure he is qualified for the position of the Governor of the Central Bank of Nigeria for another tenure for which he has been nominated by the President.”

The adoption of the committee’s report was unanimous.

Senate President, Bukola Saraki, asked Emefiele to use the renewal of his appointment as an opportunity to continue to provide support and ensure that the economy of the country is improved.

Improvement of the economy of the country, Saraki said, would help to address the most important area of ensuring micro economic policies.

He urged the CBN Governor to continue to ensure economic stability of the country.

Author: News Editor

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