Senate Confirms Cardoso As Chairman, 11 Others As Members Of CBN’s MPC

The Senate on Thursday, February 22, 2024, confirmed the nomination of Olayemi Cardoso as the chairman of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).

Also confirmed for appointment as members of the MPC are: Muhammad Sani Abdullahi, CBN deputy governor), Bala M. Bello (CBN deputy governor), Emem Usoro (CBN deputy governor), Philip Ikeazor (CBN deputy governor), Lamido Yuguda, (DG Securities and Exchange Commission), Jafiya Lydia Shehu, (Permanent Secretary, Ministry of Finance), Murtala Sabo Sagagi (CBN director) Alloycius Uche Ordu, Aku Pullen Odukemelu, Mustapha Akinwunmi and Bamidele A.G. Amoo.”

The resolution of the Senate followed its consideration and approval of the report of its Committee on Finance, Banking, Insurance and Other Financial Institutions led by Senator Tokunbo Abiru (APC – Lagos East), on the screening of the nominees.

President Bola Tinubu had on Wednesday named the Governor of the CBN, Cardoso as Chairman, and 11 others as members of the MPC.

Tinubu had in his letter of nomination to the Senate, said his action was in line with the provisions of Section 12 of the Central Bank of Nigeria (CBN) Act 2007.

Senate President Godswill Akpabio in his remarks commended President Tinubu for assembling men and women of great expertise for appointment into the MPC of the CBN.

He called on the MPC members-designate to use their expertise to redirect the monetary policy of the CBN for the good of the country.