The Senate has confirmed Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN) for a second term of five years.
This followed the adoption of the report of the Senate Committee on Banking, Insurance and other Financial Institutions presented by Senator Rafiu Adebayo during Thursday’s plenary.
In his remarks, the Senate President, Dr Bukola Saraki, urged the CBN governor to use his second term to improve Nigeria’s economy.
He said, “On behalf of the Senate, let me congratulate the Governor of the Central Bank, Mr Godwin Emefiele on the renewal of his appointment.”
“We wish him a useful tenure and may he use this opportunity to continue to provide support to ensure that the economy of our country continues to improve and address the important area of ensuring micro-economic stability,” Senator Saraki added.
Emefiele’s reappointment came one day after the Senate Committee cleared him during a screening session where he was and asked some questions relating to the nation’s economy.
On May 8, President Muhmmdu Buhari informed the Senate in a statement that he has decided to nominate the CBN governor for a second term.
In response to the request, the Senate referred to its Committee on Banking, Insurance and other Financial Institutions, and asked it to report back within one week.
The CBN governor was first appointed by former President Goodluck Jonathan in 2014 and was retained after the President assumed office in 2015.
It is the first time since 1999, when Nigeria returned to democracy, that anyone would be nominated to serve two terms as CBN governor.
Emefiele’s confirmation is also one of the fastest processes by the Eighth Senate.