The Chairman, Senate Committee on Local and Foreign Debts, Shehu Sani, has urged his colleagues to lift the embargo on screening and confirmation of appointment of board members of the Central Bank of Nigeria (CBN).
Raising a Point of Order at Wednesday plenary, Sani who represents Kaduna Central in the National Assembly, appealed to lawmakers to confirm the appointment of CBN board members forwarded to the upper legislative chamber by President Muhammadu Buhari since 2017.
Citing Order 43 of the Senate Standing Orders 2015 (as amended), the lawmaker said the unavailability of the nominees has limited the functions of the apex bank.
It would be recalled that in April 2017, Buhari requested the confirmation of the appointment of five Non-Executive Directors of the Board of CBN.
The Senate, however, failed to confirm the appointment due to a resolution in 2016, against the then Acting President Yemi Osinbajo that the Senate lacked powers to confirm Ibrahim Magu as chairman, Economic and Financial Crimes Commission (EFCC).
Although the Senate soft-pedalled in March 2018 and confirmed the appointment of two Deputy Governors of the bank and three members of the Monetary Policy Committee (MPC), Sani called on his colleagues to follow the same footstep.
His words: “The CBN is the most important economic fulcrum of our economy. I can recall that we collectively took a position in suspending the screening of nominees but I appeal that we look at the issue of CBN critically in the very sense that we can appreciate the fact that they have made some progress in terms of stabilizing the economy, the Naira and the appreciation of our foreign reserve.
“We should be very mindful that our work as a senate would be lessened if we have a board that can perform an institutional oversight that shows that the bank is run according to due process and best standards. The CBN should be screened in the interest of transparency so we can truly know what is going on within the bank and that the management of the bank can function.
“The absence of the board has made it impossible to function and to also do its duty as other banks do within the continent.
“I appeal that the Senate should look into the need to screen and approve the board of this bank in the interest of our economy so that we can have a proper documentation and knowledge of what is going on within the bank.
“Our point has been made and it is now the time to hold the executive to account with a board which we can work together with”.
In his remarks, Senate President, Bukola Saraki, who presided over the session, ruled that the Senate will look into the matter.
OWEDE AGBAJILEKE, Abuja
