Senate Committee screens, clears Obiora for DG, CBN post

The Senate Committee on Banking, Insurance and Other Financial Institutions on Wednesday screened Kingsley Obiora for the position of Deputy Governor of the Central Bank of Nigeria (CBN) following his recent nomination by President Buhari.

The committee members who were visibly impressed by Obiora urged him to bring his wealth of experience to bear in the task ahead. Obiora’s major task when finally cleared by the entire Senate would be that of assisting the Bank achieve its mandate of ensuring monetary and price stability, among others.

At the screening, Chairman of the Committee, Senator Uba Sani  commended Obiora”s nomination as “fit and proper”, particulalry having 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 of the Deputy Governor of the Central Bank 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, who according to them possessed the expertise to add great value to the management of monetary policy and indeed the Nigerian economy.

Also commending the quality of the nominee and his patriotic zeal, the committee said the nomination underscored the importance of merit in considering Nigerians for appointments.

Responding to questions at the screening session, Obiora expressed gratitude to the President for considering him for appointment as Deputy Governor.

He also thanked the Senate Committee members for their kind words and commitment to the  Nigerian project.

If confirmed as Deputy Governor, Obiora pledged to contribute his quota to enabling the Bank achieve on its mandate.

President Muhammadu Buhari, had in a letter to the Senate on January 16, 2020, nominated Obiora as a Deputy Governor of the Central Bank of Nigeria.

The nomination, the President said  was in accordance with the provision of Section 8(1) (2) of the Central Bank of Nigeria (Establishment) Act 2007.

Subject to his confirmation by the comittee of thr whole of the Senate, Obiora will replace 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.