Ayogu joins CBN board after Senate confirmation

The Senate, on Tuesday, approved the appointment of Prof. Melvin Ayogu as a member of the Board of Directors of the Central Bank of Nigeria (CBN), reinforcing efforts to strengthen the nation’s financial sector.

His confirmation came after the presentation of a report by the Senate Committee on Banking, Insurance, and Other Financial Institutions. Sen. Osita Izunaso (APC-Imo) presented the report on behalf of the committee’s chairman, Sen. Adetokunbo Abiru.

According to Izunaso, the nomination was in accordance with Section 6 (1 and 2) of the CBN Act, ensuring that the appointment aligns with Section 10 (1) of the Act, which mandates fair representation across key economic sectors and federal character considerations.

Key points from the Senate screening included Prof. Ayogu’s qualifications and extensive expertise in economic policy and financial management, his impeccable professional record, with no petitions against his appointment, and clearance by both the Nigerian Police Force and the Department of State Services (DSS).

Sen. Ede Dafinone (APC-Delta) strongly endorsed the nomination, highlighting Ayogu’s distinguished academic background and global exposure in economic theory and practice.

Senate President Godswill Akpabio commended the committee’s thorough screening process and expressed optimism about Ayogu’s contribution to Nigeria’s financial stability.

“I congratulate the nominee and trust that he will play a crucial role in addressing the challenges facing the Central Bank of Nigeria and the broader financial sector,” Akpabio stated.

With this confirmation, Prof. Ayogu is set to bring his wealth of experience to the CBN Board, reinforcing efforts to enhance the nation’s economic policies and financial governance.