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The Senate on Thursday confirmed three nominees as members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), even as it rejected a nominee.
Those confirmed are: Adeola Adenikinju; Aliyu Sanusi and Robert Asogwa, while Asheikh Maidugu was rejected.
This followed the presentation and consideration of the Committee on Banking, Insurance and other Financial Institutions, which screened the four nominees.
Chairman of the committee, Rafiu Ibrahim (APC, Kwara State) noted that while Adenikinju, Sanusi and Asogwa showed enough knowledge and competence for the job, Maidugu was rejected on grounds of incompetence.
The upper legislative chamber also confirmed the nomination of Aishah Ahmad and Edward Adamu as Deputy Governorship nominees of the apex bank.
In his report, Ibrahim described the three confirmed nominees as “very resourceful, diligent, articulate, competent and would add the needed value in the operations of the MPC.”
According to him, the three nominees possessed “vast knowledge that facilitate the attainment of the objectives of the price stability and the formulation of monetary and credit policies of the CBN”.
The lawmaker said the trio displayed adequate knowledge of the operations of the CBN Act, 2007 and the Banks and other Financial Institutions Act, 1990.
The report revealed that Maidugu was rejected because he may not be able to carry out his duties independently as a member of MPC.
The document disclosed that the nominee, who hails from Yobe State, has been a Director of Planning, Research and Statistics Department at the Federal Inland Revenue Service (FIRS), Abuja since 2015 till date.
“The nominee was interviewed by the Committee and he responded to the questions asked by the Members but the Committee was dissatisfied with his response to the independence required for each Member of the MPC and concerned that a regular Civil Servant burdened with bureaucracy and red-tapism may not be independent in his judgment on each crucial decision of the MPC that affect directly the whole economy,” the committee submitted.
In his remarks, Senate President Bukola Saraki, who presided over the session, urged the Executive to present another nominee to replace the rejected MPC nominee. He assured that the nominated CBN Board members would also be looked into next week.
Speaking with BusinessDay after plenary, Ibrahim explained that with the confirmation of the two CBN Deputy Governors and three MPC members, this brings to eight the members of the MPC.
He said with the confirmation, the country’s first Monetary Policy Committee meeting for the year, billed for April 3 to 4, will now hold.
It would be recalled that on Tuesday last week, the Senate reversed itself over its resolution not to confirm members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).
It therefore mandated its Committee on Banking, Insurance and other Financial Institutions to immediately confirm the two CBN deputy governorship nominees and four members of the MPC to pave the way for the meeting.
“It is great news that the National Assembly has finally confirmed the MPC members which will enable them to now meet and deliberate on monetary policy issues. Beyond their qualifications, the members must carry out their duties diligently and dispassionately ensuring that they put national interest first. They also need to consult widely with other key stakeholders and be proactive rather than reactive,” Taiwo Oyedele, head of tax and regulatory services, PWC, said.
Responding to the confirmation, Ayodele Akinwunmi, head of research, FSDH Merchant Bank Limited said “I think the confirmation is positive for the Nigerian economy and the financial market. If you recall the non-confirmation of the nominees was one of the negative factors that FSDH Research identified in our monthly Economic and Financial Market Report for the month of March tiled ‘Growth Prospect with Rising Uncertainties,’ so this has reduced the uncertainties in the country.”
The MPC has kept the key rate at a record high of 14 percent since July 2016, trying to balance bringing down inflation and boosting an economy that exited recession last year.
Back to back declines in portfolio inflows in 2015 and 2016 contributed to the country’s first recession in 25 years and put pressure on the naira- which would go on to plunge over 50 percent against the dollar after a devaluation in June 2016.
Nigeria’s inflation eased to 14.33, year-on-year in February 2018, making it the 13th consecutive disinflation (slowdown in the inflation rate though still positive) since January 2017.
Meet the confirmed MPC members
The MPC the highest policy-making committee of the CBN; consists of the governor of the bank as chairman, the four deputy governors of the bank, two members of the board of directors of the bank, three members appointed by the president, and two members appointed by the governor.
Here are brief profiles of the confirmed nominees:
Edward Adamu
Adamu has several postgraduate professional certifications from the Institute of Credit Administration of Nigeria, Wharton School, USA, INSEAD France, Chicago Booth & IMD Switzerland.
He is a member of several professional bodies, namely the Nigerian Institute of Quantity Surveyors; Project Management Institute, USA; International Knowledge Management Institute, USA; International Society for Performance Improvement, USA; and the Association of Project Managers, UK.
Adamu was employed by the CBN in June 1992, between 1992 and 2003; Adamu served in several offices of the Engineering Services Department of the CBN handling Project Conception, Evaluation, Contract Documentation, Cost Planning & Control, Project Implementation and Closure of several projects of the Bank, including the current CBN Head Office Abuja. He rose from the position of a Manager to an Assistant Director.
In 2012, he was appointed Director of the Strategy Management Department responsible for the articulation of strategy to deliver the mandate of the bank, as director of strategy; he was a member of the Monetary Policy Implementation Committee and the Financial Services Regulatory Coordination Committee as well as an observer at the MPC.
In 2016, Adamu was appointed Director, Human Resources Department in charge of developing the human capital assets of the bank.
He is a member of several Board and Project Steering Committees of the Bank, including Budget; Staff Matters; Pension Fund Management; Establishment, Enterprise Learning, Assets Disposal and REAL SPARC Project.
Aisha Ahmad
Ahmad, before her appointment as Deputy Governor of the CBN, was the Executive Director (Retail Banking) at Diamond Bank Plc. She holds a Master of Science, M.Sc. degree in Finance & Management from the Cranfield School of Management, United Kingdom (2006-2007), Master of Business Administration, MBA in Finance, University of Lagos (1999-2001) and a Bachelor’s degree in Accounting from the University of Abuja.
With about 20 years’ experience in investment banking, retail banking, wealth management, as well as consulting and financial advisory, Ahmad is a thorough-bred professional with an enviable track record as a creative and versatile expert in finance, banking and capital markets.
She is known for enhancing the value of institutions and driving exceptional business performance. In her previous role as the Head, Consumer Banking at Diamond Bank, Ahmad was responsible for strategic retail products and customer segments such as consumer banking, retail assets, private wealth management and was also responsible for a customer base of over 7 million.
Prior to joining Diamond Bank, Ahmad worked with global financial institutions such as Stanbic IBTC Bank Plc, a member of Standard Bank Group, where she was responsible for Standard Bank’s private wealth business in West Africa. She also worked with Bank of New York Mellon (UK), NAL Bank Plc. and Zenith Bank Plc.
She serves as the Executive Council Chairperson of Women in Management, Business & Public Service, WIMBIZ; a reputable non-governmental organisation in Sub-Saharan Africa occupied by women who have excelled in various sectors.
Under her leadership, WIMBIZ has reached several heights such as holding its first international conference themed ‘Breaking New Frontiers in Accra, Ghana, and launching ‘The Big Sister Programme’ a volunteer-based grassroots female empowerment initiative, which has benefitted over 2,000 girls across 30 schools in three states of Nigeria.
Ahmad is credited with helping in the development of the WIMBIZ mobile application, an online platform for global female engagement. With Ahmad at the helm of affairs, WIMBIZ has seen more awareness of its many initiatives, and its position as the foremost female-focused NGO for women in careers, business and public service has been strengthened and there has been a significant improvement in the diversity and attendance rates of its programmes.
She serves on the board of SOS Children’s Villages Nigeria, a global initiative for disadvantaged children and as a Steering Committee member for Cherie Blair Foundation’s Technology for Growth project, a ground breaking learning intervention programme for female entrepreneurs developed in conjunction with Enterprise Development Centre (EDC) at Lagos Business School.
Born October 26, 1977, she is married with two sons to Brigadier Gen. Abdullah Ahmad (Rtd). Ahmad has progressed to become a globally recognised investment analyst and portfolio manager, being a Chartered Financial Analyst (CFA) and a Chartered Alternative Investment Analyst (CAIA).
Adeola Adenikinju
Adenikinju is currently a director at the Centre for Petroleum, Energy, Economics and Law, University of Ibadan, Ibadan Nigeria.
He holds a PhD Degree in Economics from the University of Ibadan, Nigeria. He is also a Research Professor at the Centre for Econometrics and Allied Research, as well as Senior Research Fellow, Macroeconomic Study Group, University of Ibadan.
Adenikinju has been a consultant for organizations at the European Union, United Nations, the Nigeria Liquefied Natural Gas Company (NLNG), the African Economic Research Consortium, OECD, UNIDO, ECOWAS, UNECA, the World Bank, and the National Data Bank, among others.
He was one of the Consultants that prepared the First Perspective Plan for Nigeria. He is also involved in the United Nations Project Link that makes economic projection for the Nigerian Economy.
He previously served as a Special Assistant to the Presidential Adviser on Energy Matters, between 2005 and 2007, and Senior Special Assistant to the President, Office of the Chief Economic Adviser to the President between 2010 and 2011.
Aliyu Sanusi
Sanusi is currently the Director at International Centre of Excellence for Rural Finance and Entrepreneurship (ICERFE), Nigeria.
He studied economics at Ahmadu Bello University, Zaria, before going for a Master’s Degree in International Business at the prestigious Lancaster University Management School, where he also obtained his PhD in Economics.
He has taught economics at Lancaster University and Umaru Musa Yar’Adua University, Katsina.
Sanusi has attended various Local and International Conferences and Workshops, and his Published Articles have appeared in academic journals, such as the West African Journal of Monetary and Economic Integration, the Nigerian Journal of Economic and Social Studies, the Central Bank of Nigeria’s Economic and Financial Review, the Jackson State University Journal, The Researcher, UIP Journal of Financial Economics, Abuja Journal of Banking and Finance, Journal of Economics and Allied Fields, and the Nigerian Journal of Contemporary Public Policy Issues, etc.
Robert Asogwa
Asogwa is the team leader of inclusive growth unit at the United Nations Developmental Program, He holds a Ph.D. Economics from university of Nigeria, Nsukka, Nigeria. While at university of Nigeria, he wrote a major paper on Liberalisation, Consolidation and Market Structure in Nigerian Banking.
OWEDE AGBAJILEKE, Abuja, HOPE MOSES-ASHIKE & DIPO OLADEHINDE, Lagos
