The Nigerian Senate has confirmed the renewal of appointment of Mr. Godwin Emefiele as Governor of the Central Bank of Nigeria, CBN, for another five-year tenure.
Senate’s confirmation was sequel to the recommendation made by its Committee on Banking, Insurance and other Financial Institutions, chaired by Senator Rafiu Ibrahim, during the day’s plenary.
President Muhammadu Buhari had in a letter dated May 8, 2019, requested the Senate to confirm the appointment of Emefiele as CBN governor for another term of five years, having assumed office for his first tenure on June 2, 2014.
The Senate accordingly referred the presidential request to its Committee on Banking, Insurance and other Financial Institutions Tuesday this week, upon which the committee screened the CBN governor on Wednesday and laid its report in plenary on Thursday.
Chairman of the committee, Senator Rafiu Ibrahim while moving a motion for Mr. Emefiele’s confirmation, said having introduced and implemented series of initiatives that impacted positively on the economy, Emefiele as requested by the President, deserved the second term of five years in office.
“The committee in this report recommends to the Senate to confirm the renewal of appointment of Godwin Emefiele as CBN Governor, having shown effective management of the foreign exchange regime, monetary policy etc, which brought about microeconomic stability for the country”, he said.
Senator Ibrahim’s motion was seconded by Senator Chukwuka Utazi, and accordingly put to voice votes by the Senate President, Dr. Bukola Saraki which was unanimously voted for by all the Senators in attendance.
The Senate President, Bukola Saraki in his remarks after the confirmation of Mr. Emefiele’s reappointment, wished him a more successful second term tenure.
He, however, urged him to improve on the implementation of series of development – driven politics he has introduced in stabilising the economy.
Emefiele had on Wednesday while facing the Senate Committee on Banking for the screening, submitted that part of the initiatives put up by CBB under him to develop the economy was the Anchor Borrowers Programmes which he said, has helped to engage 1.1million farmers across the country.