The Nigerian Senate, on Tuesday, confirmed the appointment of Prof. Melvin Ayogu as a member of the Board of Directors of the Central Bank of Nigeria (CBN), reinforcing efforts to stabilize and enhance the nation’s financial sector.
His confirmation followed the presentation of a report by the Senate Committee on Banking, Insurance, and Other Financial Institutions. Sen. Osita Izunaso (APC-Imo) delivered the report on behalf of the committee’s chairman, Sen. Adetokunbo Abiru.
According to Izunaso, the nomination complied with Section 6 (1 and 2) of the CBN Act and aligned with Section 10 (1), which ensures fair representation across key economic sectors while adhering to federal character considerations.
The Senate’s deliberations on Ayogu’s appointment focused on several key areas, his extensive expertise in economic policy and financial management, his impeccable professional record, with no petitions against his nomination and Clearance by both the Nigerian Police Force and the Department of State Services (DSS).
Sen. Ede Dafinone (APC-Delta) strongly endorsed the nomination, emphasizing Ayogu’s distinguished academic background and global exposure in economic theory and practice.
Senate President Godswill Akpabio commended the committee’s thorough vetting 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, bolstering economic policy formulation and strengthening financial governance in Nigeria.