‘Why Buhari reappointed Emefiele as CBN governor’

‘Why Buhari reappointed Emefiele as CBN governor’

President Muhammadu Buhari has reappointed Godwin Emefiele as the governor of the Central Bank of Nigeria (CBN) and asked the Senate to confirm him.
By the reappointment, which came after wild speculations, he has become the first governor of the apex bank to get a two-term mandate since the return to civil rule in 1999. He was appointed in 2014 by former President Goodluck Jonathan.
In a letter read on the floor of the Senate yesterday by the Senate President, Bukola Saraki, Buhari noted that having completed his first term in office, Emefiele has been nominated for confirmation of the Senate for a second term. He urged the Senate to give expedited consideration to the confirmation of Emefiele’s nomination.
In line with the Senate’s standing rule, the president’s request would be referred in the next legislative day to the Senate Committee on Banking, Insurance and Other Financial Institutions for legislative processing. The committee’s main task is to subject Emefiele’s credentials to serious scrutiny.
It will equally consider any petitions that it might have received against the nomination and if there is none, the nomination is approved by the committee and a report is accordingly submitted to the Senate for final approval and confirmation.
The extension of the CBN governor’s tenure is believed to be due to his giant strides in office, and may well be President Buhari’s first official admission, albeit tacitly, of inheriting something good from his predecessor, Jonathan.
Source: Guardian Newspaper