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CBN GOVERNOR NOMINEES: National Assembly Plans Quick Screening.

Yemi Cardoso.

The National Assembly has hinted on plans to expedite the screening of nominees for the positions of the Governor of the Central Bank of Nigeria as well as the deputies.

The parliament said this would be done along with a list of two ministerial nominees of President Bola TInubu.

The president had on Friday nominated Yemi Cardoso to as the new CBN governor.

Cardoso was Lagos State’s Commissioner for Budget and Economic Planning in 1999.

Tinubu also approved the nomination of four new deputy governors of the apex bank to serve for a similar duration of five years in the first instance, pending their confirmation by the Senate.

The nominees are Emem Usoro, Muhammad Abdullahi-Dattijo, Philip Ikeazor and Bala Bello.

But Senate said on Sunday it would screen the governor and other executive of the CBN alongside the new ministerial nominees as soon as it gets an Executive Communication to that effect upon its resumption from its annual recess.

The Senate spokesperson and the Chairman, the Senate Committee on Media and Publicity, Yemi Adaramodu, on Sunday told The PUNCH that the Red Chamber was ready to “act swiftly” on the screening of the nominees.

The President had on Sunday appointed the duo of Dr. Jamila Ibrahim and Ayodele Olawande as Minister of Youths and Minister of State for Youths respectively.

The appointments of the ministers are subject to confirmation by the Senate, Special Adviser to the President on Media and Publicity, Ajuri Ngelale, had in a statement noted.

Earlier, the president had sent the names of 48 ministerial nominees in two batches to the president for approval.

However, three nominees including former Kaduna Governor, Nasir El-Ruffai, and former Nexim Bank MD, Stella Okotete were rejected by the Red Chamber while 45 ministerial nominees were confirmed.

The Senate had after the screening embarked on its annual recess and is expected to resume on Tuesday, September 26.

Cardoso’s nomination followed the reported resignation of the former governor, Godwin Emefiele.

The statement is titled ‘President Tinubu nominates new CBN governor and management team for senate screening and confirmation.’

Tinubu also approved the nomination of four new Deputy Governors of the Central Bank of Nigeria, for a term of five years at the first instance, pending their confirmation by the Senate.

Folashodun Adebisi Shonubi had been in charge of the apex bank in an acting capacity following his appointment by President Bola Tinubu.

Speaking on when the Senate would screen the new nominees, Adaramodu said, “We are resuming on September 26. The Senate shall be expecting the nominees whenever the Executive is able to do so.

“It’s the constitutional duty of the Senate to screen and confirm ministerial and other statutory nominees and it’s for the Executive to submit such nominees to the Senate. The Senators are ready to act swiftly on this.”

When confirmed, the number of ministers would move from 45 to 47.

Legal dispute

Following the nominations of Yemi Cardoso as the new Governor of the CBN and Mrs Emem Usoro, Mr Muhammad Dattijo, Mr Philip Ikeazor, and Dr Bala Bello as new deputy governors of the apex bank, President Bola Tinubu may need to remove the four deputy governors that served under Godwin Emefiele.

According to a report from Reuters, Godwin Emefiele, had to resign, even though in detention, to pave the way for Cardoso to replace him.

While the CBN ACT of 2007 requires a Senate nod or a written resignation from the CBN governor before their removal, the act empowers the President with the ability to remove deputy governors.

One of the requirements for the disqualification of a CBN governor or deputy governor according to Section 11 (1) of the act reads, “A person shall not remain a Governor, Deputy Governor or Director of the Bank if he is (f) is removed by the President: Provided that the removal of the Governor shall be supported by two-thirds majority of the Senate praying that he be so removed.”

The deputy governors likely to be removed include Folashodun Shonubi (Operations Directorate Oct 2018 – Sep 2023), who is currently the acting governor.

Others are Aishah Ahmad (Financial System Stability Directorate Mar 2018 – Sep 2023), Edward Adamu (Corporate Services Directorate Mar 2018 – Sep 2023), and Dr Kingsley Obiora (Economic Policy Directorate Mar 2020-Sep 2023)

According to the Act, the policy and general administration of the affairs and business of the bank shall be governed by a board of directors which shall consist of a “Governor who shall be the Chairman; four Deputy Governors; the Permanent Secretary, Federal Ministry of Finance; five Directors; and Accountant-General of the Federation.”

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