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CBN Board: Senate rejects 1 nominee, confirms 4

By Henry Umoru

THE Senate, yesterday, rejected one of the five non-executive directors nominated for the board of the Central Bank of Nigeria (CBN) by President Muhammadu Buhari in April 2017, while confirming the other four. The move followed the consideration of the report of the Senate Committee on Banking, Insurance and Other Financial Institutions, chaired by Senator Rafiu Ibrahim.

Senate Chamber

Presenting the committee report, Ibrahim explained that Abubakar was not recommended for confirmation having failed the committee’s integrity test. “One of the nominees, Dr. Abdu Abubakar, failed the integrity test designed by the committee to assess, his response to questions lacked transparency and not worthy to appointed into a regulatory agency by the CBN,” he stated.

Those cleared after considering the report were Professor Ummu Ahmed Jalingo representing North-East; Professor Justina Odinakachukwu Nnabuko, South-East; Professor Mike Obadan, South-South and Adeola Adetunji, South-West. In his remarks, Senate President, Bukola Saraki, directed the committee to “look into Abubakar’s record, do more legislative work on it and report back.”Recall President Buhari had in April 2017 forwarded the names of the nominees for the board of the CBN to the Senate for confirmation in accordance with section 6 (1) (d), and 10 (1) of the CBN Act, 2007.

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