The President of the Federal Republic of Nigeria, Bola Ahmed Tinubu has taken names of five persons as directors of the Central Bank of Nigeria board to Senate for confirmation.
The names of the people waiting confirmation were contained in a letter addressed to the Senate President, Godswill Akpiabio, and read at plenary.
In the letter, the President urged the lawmakers to screen and confirm the nomination of five persons for appointment as CBN board directors.
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He said the names presented for confirmation were in compliance with the provisions of Section 6, subsection 1b and Section 10 Subsections 1 and 2 of the CBN Establishment Act, 2007.
He wrote, “I am pleased to present for confirmation by the Senate, the appointment of the under-listed five persons as Directors of the Board of Central Bank of Nigeria.
“Robert Agbide, Ado Wanga, Muritala Sagaley, Urom Eke and Olayinka Aliyu.
“While hoping that the request will receive the expeditious consideration of the Senate, please accept the distinguished Senate President, the assurance of my highest regards.”
The Nigeria apex bank, the Central Bank of Nigeria, had in January 2024 dissolved the boards and managements of Union Bank of Nigeria, Keystone Bank and Polaris Bank over alleged corporate governance infractions and non-compliance with regulatory requirements.
On January 10, 2024, the CBN released a circular to announce the decision taken by the bank. In the circular, it was made known that the Board and Management of Union Bank, Keystone Bank, Polaris Bank and The Central Bank of Nigeria had been dissolved.
The circular read:
The Central Bank of Nigeria (CBN) has dissolves the Board and Management of of Union Bank, Keystone Bank, and has dissolved the Board and Management Polaris Bank.
This action became necessary due to the noncompliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020 . The Bank’s infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability, among others.
The CBN assures the public of the safety and security of depositors’ funds and remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria. Our Banking system remains strong and resilient.
The circular was released on their official website of CBN and was signed by Sidi Ali, Hakama (Mrs.) Ag Director, Corporate Communications.
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