BREAKING: Senate confirms Emefiele’s reappointment as CBN Governor

The Senate, on Thursday, confirmed the renewal of appointment of Mr Godwin Emefiele as the Central Bank of Nigeria (CBN) Governor, for a second term.

This followed the adoption of report of the Committee on Banking Insurance and Other Financial Institutions at plenary presided over by Senate President Bukola Saraki in Abuja.

President Muhammadu Buhari had, on May 8, written a letter to the senate on his reappointment of Emefiele for a second term of five years as CBN governor.
The Senate, on May 7, commenced legislative work on the request when Senate Leader, Ahmed Lawan presented the executive communication to the lawmakers.

“I present the executive communication to the house, that the Senate do consider the request of Mr President on the renewal of the appointment of Godwin Emefiele as Governor of the Central Bank of Nigeria in accordance with Section 8(1) and (2) of the CBN Act 2007,” he said.

After it was seconded by Sen. Philip Aduda (PDP-FCT), the senate president referred the executive request to the Committee on Banking and Finance for further legislative action which was to report back to within a week.

The committee had, on Wednesday, screened Emefiele, giving him a clean bill of record.

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At the Thursday’s plenary, the Chairman of the committee, Sen. Rafiu Ibrahim (PDP-Kwara), presented the committee’s report before the Senate.

Reading the report, which is on item one of the Presentation and Consideration of Reports on the Order Paper, the lawmaker said: “I presented this report, that the Senate do receive and consider the report of the Committee on Banking, Insurance and Other Financial Institutions on the appointment of Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN).”

He said the renewal of the appointment of the apex bank’s chief is well deserved.

He said Emefiele has maintained a stable interest rate and ensured effective management of the foreign exchange regime.

“He also initiated and established several policies and programmes which have a positive effect on the economy,” he said.

After Sen. Chukwuka Utazi (PDP-Enugu) seconded the motion, the senate president put it on a voice vote and the lawmakers, without any objection, unanimously supported it.