Senate Confirms Reappointment of Two CBN Deputy Govs for Second Term

•Okays cash withdrawal policy, seeks upward review of daily limits

Sunday Aborisade in Abuja

The Senate yesterday confirmed the reappointment for second and final terms in office, Mrs. Aisha Ahmad and Mr. Edward Lametek Adamu that were nominated by President Muhammadu Buhari as Deputy Governors of the Central Bank of Nigeria (CBN).

Their confirmation followed the adoption of the report of the Senate Committee on Banking, Insurance and Other Financial Institutions chaired by Senator Uba Sani.

Uba said the nominees’ appointments were in line with the CBN Act and that they possess relevant academic qualifications

He said the committee did not receive any petition against them and that they also scaled through the screening of relevant security agencies.

Ahmad and Adamu were first appointed as CBN deputy governors in charge of the Financial System Stability and Corporate Services Directorate respectively in March 2018.

Buhari, in a letter earlier addressed to the Senate President Ahmad Lawan, had asked the upper chamber to confirm their nominations in the “usual expeditious manner.”

According to the letter, Ahmad as  Deputy Governor in charge of Financial System Stability, she is responsible for leading the effort to promote a sound financial system in Nigeria; one of the principal objects of the bank as specified within the CBN Act.

Ahmad is a member of the Governing Board and Committee of Governors at the CBN.

She is also the Chairman, of the Financial Institutions Training Centre (FITC) – a not-for-profit organisation offering training, consulting and research services for the financial services sector.

Her banking and investment career spans several financial institutions including NAL Bank Plc, Zenith Bank Plc and Stanbic IBTC Bank Plc, among others.

Also Adamu began his career in the Unified Public Service (UPS) in 1983 with the Bauchi State Civil Service.

He spent 35 years in the UPS, twenty-five (25) of which was spent in the Central Bank of Nigeria (CBN).

During his years in the central bank, he was seconded to the Gombe State Civil Service from 2008 to 2010 as the Senior Special Assistant and Head, Procurement Management and Due Process Office.

He returned to the CBN in 2010 and was appointed Director of the Strategy Management Department in 2012, after a selection process.

He was later deployed to the Human Resources Department of the Bank in 2016 as Director, a position he held until his retirement from the services of the Bank on 14th February 2018.

Meanwhile, the Senate yesterday approved the latest policy of the CBN which limited the daily cash withdrawal for individuals to N20, 000 while corporate organisations would only be allowed to withdraw a maximum cash of N100,000 daily from next month.

The red chamber took the decision after considering the report of its Committee on Banking Insurance And Other Financial Institutions chaired by Sani.

Sani said the report of his panel was based on the interaction the members had with the nominees.

Part of the report read, “That the Central Bank of Nigeria should considerably adjust the withdrawal limits in response to public outcry on the policy.

“That the Committee should continue to embark on aggressive oversight of the Bank on its commitment to flexible adjustment of the withdrawal limit and periodically report outcome to the Senate.

“That the Senate should support the bank in the continuous implementation of transformational payments and financial industry initiatives in line with its mandate in accordance with the CBN Act.”

The Senate in plenary approved all the recommendations of the panel after some senators had expressed concern that the current arrangement if not reviewed, might negativity affect some sectors of the economy.

The red Chamber directed its Committee on Banking , Insurance and other Financial Institutions,  to embark on aggressive oversight of CBN on its commitment to flexible adjustment of the withdrawal limit and periodically report outcome to the Senate .

It supported the CBN in continuous implementation of transformational payments and financial industry initiatives.

Some of the senators urged the CBN to reconsider the timing of the policy to avoid a possible revolt from a segment of the society.

For instance, Senator Ajibola Basiru ( APC Osun Central), said  the proposed threshold of N100,000 and N500, 000 withdrawal per week for individuals and corporate bodies respectively, should be reviewed upward.

He said, “Laws are made for people and not people made or created for law,” adding that. If CBN is acting under section 2(d) and 47 of its extant Act it should favour all segment of the society.”

Also, Senator Adamu Aliero ( PDP Kebbi Central ) , in his own contribution, said  the policy should also be in favour of those in the informal sector.

For Senator Adamu Bulkachuwa ( PDP Bauchi North), the proposed policy , if not suspended , may affect the rural dwellers.

The Chief Whip of the Senate who is also the Chairman of the Committee, Senator Orji Uzor Kalu ( APC Abia North ) , said, “The N100, 000 per week for individuals and N500,000 per week for corporate bodies are  too small .

“The N500, 000 per day for individuals and N3m per day for corporate bodies being implemented in Abia, Lagos , Ogun , Rivers , FCT, among  others, should be sustained across the country for now.”

However, Senators Yusuf A Yusuf ( APC Taraba Central) , Degi  Eremienyo ( APC Bayelsa East ) Francis Alimikhena ( PDP Edo  North) , supported the policy without any reservations in their separate contributions.