BREAKING: Senate confirms Emefiele’s reappointment as CBN Governor

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Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, has been confirmed for another five-year term by the Senate.

The confirmation came on Thursday morning.

The Red Chambers had on Tuesday asked its committee on Banking, Insurance and other financial institutions to consider the request by President Muhammadu Buhari that Emefiele be confirmed for another five years.

The confirmation follows his nomination by President Muhammadu Buhari last week.

Mr Buhari had written to the Senate on May 9 to inform them of his decision to reappoint Mr Emefiele.

The president, in the letter, said Mr Emefiele’s first term will expire on June 2 and sought confirmation of his reappointment, pursuant to the provisions of Section 81(2) of the CBN Act 2007.

He said the CBN governor’s reappointment will be for a second and final tenure of five years.

Mr Emefiele was appointed the governor of the apex bank in 2014.

The Senate thereafter referred the screening of Mr Emefiele to its committee on Banking, Finance, and other Financial Institutions.

The governor and senators in the committee were all smiles and threw banters in the screening that held on Wednesday.

Presenting the report on Thursday, chairman of the committee, Rafiu Ibrahim (Kwara-PDP), said the committee was impressed with Mr Emefiele’s ‘more than 32 years’ experience with outstanding performance.’

The committee recommended confirmation of Mr Emefiele based on his performance in the first tenure.

“That the nominee understands the diverse economy of the country and has displayed profound knowledge of the continuous existence of our economy stability.

“That the nominee has performed credibly in his first tenure which resulted to the exit of the nation out of economic recession,” Mr Ibrahim said.

His confirmation was put to a voice vote and received a unanimous ‘ayes’ from the senator.

The Senate President, Bukola Saraki, congratulated the CBN boss while urging him to use his second tenure to improve the economy.

“We congratulate the governor on the renewal of his appointment. We wish him a fruitful five years for him to use the opportunity to provide towards ensuring that the economy of our country continues to improve,” he said.

Mr Emefiele’s confirmation is coming amidst a leaked audio scandal wherein the bank chief was heard discussing with his colleagues about a business deal gone bad.

The CBN on Sunday scrambled a rebuttal to deny the report that it lost over N500 billion in private investment.

Sahara Reporters had reported a conversation involving the CBN Governor, Godwin Emefiele; his deputy, Edward Adamu; the Director of Finance, Dayo Arowosegbe; and the Special Adviser to the CBN Governor, Emmanuel Ukeje.

The online medium said the discussion of the top CBN officials was about a plot to cover up the huge loss after a private investment in Dubai, United Arab Emirates, went bad.

But, the bank in a statement by its spokesperson, Isaac Okorafor, denied any money was either stolen or missing from is vaults.

It admitted the audio was authentic but said they were “selective conversations.”

Mr Okorafor said contrary to insinuations that the audio recording of selective conversations by Mr Emefiele and the officials was about a fraudulent transaction, it was “simply to proffer solutions to a misunderstanding that affected the Bank’s balance sheet.”

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