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Senate Committee grills Obiora for CBN post  

by Business News Report

The Senate Committee on Banking, Insurance and Other Financial Institutions has screened Dr. Kingsley Obiora for the position of Deputy Governor of the Central Bank of Nigeria (CBN), urging him to bring his wealth of experience to bear in the task of assisting the Bank achieve its mandate of ensuring monetary and price stability, among others.  The Chairman of the Committee, Senator Uba Sani  stated this on Wednesday, January 29, 2020, while the committee grilled Dr. Obiora, following the latter’s nomination by President Muhammadu Buhari for the position of Deputy Governor. 

Senator Uba, who commended the nomination of Obiora as fitting, expressed confidence that the nominee was well suited for the position, bearing in mind the fact that he had been actively involved in the process of monetary policy formulation at both the national and international levels. 

According to him, the Senate, through the Committee, decided to give the screening expeditious consideration, given the sensitivity and critical role the Deputy Governor of the Central Bank plays in the nation’s economic sector and to plug any gap that might be created with the imminent exit of the out-going Deputy Governor, Economic Policy.  

In their individual remarks, members of the Senate Committee lauded the competence of the nominee, noting that he possessed the expertise to add great value to the management of monetary policy and indeed the Nigerian economy. The Committee, while also commending the quality of the nominee and his patriotic zeal, said the nomination underscored the importance of merit in considering Nigerians for appointments. Responding to the questions posed by the Senate Committee members, Dr. Obiora expressed gratitude to the President for considering him for appointment as Deputy Governor. He also thanked the Senate Committee for its kind words and their commitment to the  Nigerian project. 

If confirmed as Deputy Governor, Obiora pledged to contribute his quota to enabling the Bank achieve on its mandate. It will be recalled that President Muhammadu Buhari, in a letter to the Senate on January 16, 2020, nominated Dr Kingsley Isitua Obiora as a Deputy Governor of the Central Bank of Nigeria, noting that the nomination was in accordance with the provision of Section 8(1) (2) of the Central Bank of Nigeria (Establishment) Act 2007. Subject to the confirmation of the Senate, Dr. Obiora will replace Dr. Joseph Okwu Nnanna, who retires from the Bank on February 2, 2020. Obiora holds a Bachelor’s degree in Economics and Statistics from the University of Benin, as well as a Masters degree in Economics and a doctorate degree in Monetary and International Economics from the University of Ibadan, both from the University of Ibadan. Upon confirmation, he will vacate his current position of Alternate Executive Director in the International Monetary Fund (IMF) in Washington DC, United States of America. National Assembly sources say that recommendation for Obiora’s confirmation may be laid before the Senate’s plenary early next week, if the Committee’s report is concluded by then. 

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