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Central Bank of Nigeria (CBN) Deputy Governor nominee, Aishah Ahmad may have to wait for a while before being sworn in, as the Senate seems to have resumed its standoff with the Executive over the nomination oEconomic and Financial Crimes Commission (EFC)) chairman Ibrahim Magu. Chairman of the Senate Committee on Media and Public Affairs, Senator Sabu Aliyu Abdullahi confirmed this.

Of course, the subject matter of that resolution has not been addressed. Until there is that engagement to know what to do, I am afraid that is still the position of the Senate. There was no time that resolution was reconsidered and there are quite a number of confirmation requests still pending before the Senate.

President Muhammadu Buhari, had nominated  Ahmad as well as Adeola Adenikinju, Aliyu Sanusi, Robert Asogwa and Asheikh Maidugu, who are expected to replace four members of the MPC Monetary Policy Commitee (MPC) whose tenures expire at the end of this year. The MPC, sets the country’s interest rate and liquidity ratios for commercial banks.

The Senate’s grouse with the Executive

The Senate has twice refused to confirm Magu due to a negative report from the Department of  State Services (DSS). Despite this, the Executive has kept him in office. Vice President Osinbanjo stated that Magu did not need confirmation from the Senate, which further strained the relationship between the two arms. The upper chamber, has since then declined to confirm nominees for the National Pension Commission (PENCOM).

Implications of the stand off

Aside Aisha and other nominations being put on hold, it means critical decisions at the apex bank, and other parastatals will be suspended. The Monetary Policy Commitee may also not be able to form a quorum at its next meeting.

The affected agencies may not be able to prepare their 2018 budget estimates on time. Approaching elections also means governance will slow down.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com


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