…Delay in board confirmation hindering bank performance, Senate told

The  Senate was yesterday told that the delay in the confirmation of President Muhammadu Buhari’s nominees for the board of  the Central Bank of Nigeria (CBN) is hindering the performance of the bank.

President Buhari had in April last year forwarded the names of the nominees for the board of the CBN to the Senate for confirmation. 

The Senate however withheld its confirmation over its resolution on the acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu.

At yesterday’s plenary, the chairman of the Senate committee on local and foreign debts, Senator Shehu Sani (APC, Kaduna) raised a point of order, saying the delay in the confirmation was negatively affecting the operations of the CBN.

Sani told his colleagues that the absence of the board has made it impossible for the CBN to function well.

The “Nigerian Central Bank is the only central bank in the whole of Africa without a board and when you don’t  have a board you limit the ability and capacity of the management of that institution that has a pivotal role to play in our economy to manage affairs of banks and also to function properly.

“I appeal that the Senate should look into the need to screen and approve the board of this bank in the interest of our economy so that we can have a proper documentation and knowledge of what is going on within the bank. 

“Our point has been made and it is now the time to hold the executive to account with a board for which we can be able to work together,” he said.

In his remark, Senate President Bukola Saraki said the issue would be looked into.

“We have taken note of your comment. We will look into it,” he said.