In a bid to bolster the leadership of the Central Bank of Nigeria (CBN), President Bola Tinubu has forwarded a request to the Senate seeking confirmation for the appointment of five individuals as directors of the CBN board.
The announcement came through a letter addressed to Senate President Godswill Akpiabio, which was read at the plenary session on Tuesday.
In the missive, President Tinubu urged the Senate to conduct a thorough screening and confirm the nominations of the five candidates for their roles as CBN board directors.
He emphasized that the selection of these individuals aligns with the provisions outlined in Section 6, subsection 1b, and Section 10, subsections 1 and 2 of the CBN Establishment Act of 2007.
The President’s letter stated, “I am pleased to present for confirmation by the Senate, the appointment of the under-listed five persons as Directors of the Board of Central Bank of Nigeria: Robert Agbide, Ado Wanga, Muritala Sagaley, Urom Eke, and Olayinka Aliyu. While hoping that the request will receive the expeditious consideration of the Senate, please accept the distinguished Senate President, the assurance of my highest regards.”
The move to nominate new directors for the CBN board comes amid recent developments within the banking sector. In January 2024, the apex bank made the decision to dissolve the boards and managements of Union Bank of Nigeria, Keystone Bank, and Polaris Bank, citing alleged corporate governance infractions and non-compliance with regulatory requirements.
This action followed closely on the heels of the submission of the final report by the Special Investigator on the CBN and Related Entities, Jim Obazee, to President Tinubu.
It’s worth noting that Tinubu had initiated an investigation into the affairs of the CBN back in July 2023. In a letter dated July 28, 2023, President Tinubu appointed Jim Obazee, the Chief Executive Officer of the Financial Reporting Council of Nigeria, as the special investigator for this purpose.
In the directive, Tinubu tasked Obazee with conducting a comprehensive probe into the operations of the CBN and key Government Business Entities, with a mandate to work closely with relevant security and anti-corruption agencies.
President Tinubu’s appointment letter to Obazee emphasized the need for regular progress updates, highlighting the seriousness with which the administration views the investigation into the CBN.
This proactive approach underscores the commitment of the government to ensure transparency, accountability, and effective governance within the financial sector.
As the Senate prepares to deliberate on the confirmation of the five nominated directors, stakeholders will be closely monitoring the proceedings, keenly observing the potential implications for the future direction of the CBN and the broader economic landscape of Nigeria.
