The Senate has officially confirmed the appointment of Professor Melvin Ayogu as a new member of the Central Bank of Nigeria (CBN) Board of Directors.
The approval was granted on Tuesday after a thorough presentation and consideration of the report by the Senate Committee on Banking, Insurance, and Other Financial Institutions, which is led by Senator Adetokunbo Abiru.
Senator Osita Izunaso, while presenting the committee’s report, confirmed the Senate’s decision to endorse Professor Ayogu’s nomination. He stated, “The Senate has received and considered the report of the Committee on Banking, Insurance, and 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.”
This development follows a formal request by President Bola Tinubu, made last Tuesday, for the Senate to review and approve Professor Ayogu’s appointment. During a plenary session.
Senate President Godswill Akpabio read out the letter from the President, which highlighted that the nomination was in line with the provisions of Section 10(1) of the CBN Establishment Act of 2007.
The letter also noted that the appointment would complete the full composition of the CBN Board of Directors as outlined by the CBN Act.
With his confirmation, Professor Ayogu’s wealth of knowledge and experience is expected to bolster the CBN’s leadership in driving Nigeria’s economic policies.
