Senate confirms Professor Ayogu as member of CBN board of directors

• The Nigerian Senate confirmed Professor Melvin Ayogu’s appointment to the CBN Board of Directors on March 25
• The confirmation followed deliberations by the Senate Committee on Banking, Insurance, & Other Financial Institutions
• Ayogu’s appointment aligns with the CBN Act, 2007, ensuring the Board meets the required number of members

The Nigerian Senate has confirmed the appointment of Professor Melvin Ayogu as a member of the Board of Directors of the Central Bank of Nigeria (CBN).

The confirmation took place on Tuesday, March 25,  following the presentation and deliberation of the Senate Committee on Banking, Insurance, & Other Financial Institutions, led by Senator Adetokunbo Abiru, APC, Lagos East.

Presenting the report, Senator Osita Izunaso (APC, Imo West) stated, "The Senate do receive and consider the report of the Committee on Banking, Insurance & Other Financial Institutions on the confirmation of the nomination of Prof. Melvin Damian Ayogu for appointment as a member of the Board of Directors, Central Bank of Nigeria (CBN)."

President Bola Tinubu had initially sent the nomination to the Senate for consideration, in compliance with the provisions of the Central Bank of Nigeria (CBN) Act, 2007. 

The letter, read by Senate President Godswill Akpabio during plenary, stated that Professor Ayogu’s appointment would make up the number of members as required by Section 6 of the CBN Act.

“The Senate is invited to kindly note that this nominee is to make up the number of the Board of Directors as provided by Section 6 of the CBN Act, 2007,” the letter read.

With the Senate’s approval, Professor Ayogu will now serve as a member of the CBN Board, contributing his expertise to the nation’s central banking operations.

Tax reform bills adopted by House of Reps

Meanwhile, TheRadar earlier reported that the House of Representatives considered and adopted the Committee on Finance’s report on the tax reform bills.

The bills were adopted following a motion for a clause-by-clause consideration of the bills’ reports moved by the finance committee’s chairman, James Faleke, during plenary on Thursday, March 13.