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MPC meeting ‘stalled’ over senate’s refusal to confirm CBN nominees

MPC meeting ‘stalled’ over senate’s refusal to confirm CBN nominees
January 19
11:40 2018

The refusal of the senate to confirm presidential nominees for vacant positions in the Central Bank of Nigeria (CBN) has affected the first monetary policy committee (MPC) meeting of 2018, according to Channels TV.


The meeting was initially scheduled for January 22 and January 23.

But quoting sources, the television station said the apex bank would issue a statement on Monday to announce the new dates that the meeting will hold.

In December, TheCable had reported that the committee might not meet in January as a result of the senate’s refusal to confirm nominees for the 12-man committee.


At present, there are five members available — whereas the quorum is six out of 12 members, as defined by the second schedule of the CBN Act.

On July 4, the senate said it would suspend all executive confirmation requests until Ibrahim Magu is removed as the acting chairman of the Economic and Financial Crimes Commission (EFCC).

The senate had refused to confirm Magu over allegations of corruption. He has remained in an acting position for the past two years.


The MPC committee comprises of CBN governor, the four deputy governors of the apex bank; two members of the board of directors of the CBN; three members appointed by the president; and two members appointed by the governor of the bank.

In October 2017, President Muhammadu Buhari nominated Aisha Ahmad as a deputy governor of the CBN to replace Sarah Alade, who retired from the bank in June.

Adeola Adenikinju, Aliyu Sanusi, Robert Asogwa and Asheikh Maidugu were also nominated as members to fill the positions of four others whose tenure were to expire at the end of 2017.

But the presidential nominees have not been considered at all.


In a recent interview with Bloomberg, Godwin Emefiele, governor of the apex bank, expressed optimism that the nominees would be confirmed.


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