Senate Confirms Tinubu’s Nominee, Ayogu As CBN Board Director

The Senate formally confirmed Professor Melvin D. Ayogu’s appointment to the Board of Directors of the Central Bank of Nigeria (CBN).

A native of Enugu State, Ayogu serves as a Professor of Economics at the University of Cape Town in South Africa.

The Senate Committee on Banking, Insurance, and Other Financial Institutions, chaired by Senator Adetokunbo Abiru (APC, Lagos East), conducted a review and subsequently approved the appointment.

Senator Osita Izunaso (APC, Imo West) presented the report on behalf of Abiru, who is currently abroad for Umrah.

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Izunaso said, “The Senate has received and considered the report of the Committee on Banking, Insurance & Other Financial Institutions regarding the confirmation of the nomination of Prof. Melvin Damian Ayogu for appointment as a member of the Board of Directors of the Central Bank of Nigeria.”

Naija News reports that the confirmation happened just a week after President Bola Tinubu submitted a request to the Senate for the approval of Ayogu as a member of the board of the Central Bank.

During a plenary session, Senate President Godswill Akpabio read a letter from President Tinubu, which stated, “In accordance with Section 10(1) of the Central Bank of Nigeria (Establishment) Act, 2007, I am delighted to present for the Senate’s confirmation the appointment of Prof. Melvin D. Ayogu as a member of the Board of Directors of the Central Bank of Nigeria. His Curriculum Vitae is included for your consideration.”

The President also highlighted that this nomination aligns with Section 6 of the CBN Act, 2007, which details the structure of the CBN Board of Directors.