Senate set to begin screening of Emefiele as CBN governor

The Senate will commence the screening of Mr. Godwin Emefiele for appointment as Governor of Central Bank of Nigeria, CBN on Thursday. If confirmed by the Red Chamber as requested by President Goodluck Jonathan, Mr. Emefiele will succeed Mallam Sanusi Lamido Sanusi, who was placed on suspension by the President over sundry allegations.

The Senate disclosed this in its Notice Paper yesterday. Senate Leader, Victor Ndoma-Egba, according to the Notice Paper, is to formally move the motion for the screening and confirmation of the nominee.

The Senate will also, during the exercise, screen Mr. Adelabu Adebayo Adekola as Deputy Governor of the CBN, as nominated by the President. It is expected to also treat a bill seeking amendment of the CBN Act to remove a sitting CBN governor from being chairman of the CBN governing board.

The CBN Amendment Bill which is being sponsored by Senator, Ita Enang, PDP, Akwa Ibom North-East, has already gone through the First Reading in the Senate. It seeks to reduce the powers of a sitting CBN governor by amending section 7(1) of the existing Act which states that "The CBN governor shall be in charge of the day to day management of the bank."

But the proposed amendment states that the governor shall be in charge of the general administration of the affairs and business of the bank and shall be answerable to the Board for his acts and decisions.

The amendment Bill also specifically states that "The board shall consist of the Chairman, who shall be appointed by the President subject to confirmation by the Senate and shall be a person of proven integrity credited with expertise in financial regulation."