Senate Confirms Kingsley Obiora Deputy Governor of CBN

Kingsley Obiora Deputy Governor CBN

By Dipo Olowookere

Mr Kingsley Obiora has been confirmed by the Senate as the Deputy Governor of the Central Bank of Nigeria (CBN). Mr Obiora was nominated for the position by President Muhammadu Buhari two weeks ago.

At the plenary on Thursday, Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Mr Senator Sani Uba, submitted a report on the confirmation of the nominee to his colleagues and was seconded by ‪Senator Sandy Onor.

Mr Uba said findings showed that the nominee was capable of being a Deputy Governor of the nation’s central bank, urging members of the red chamber of the National Assembly to confirm his nomination.

After the presentation of the report by the lawmaker, the Senate dissolved into the committee of the whole for the consideration of Mr Obiora for appointment as the Deputy Governor of the CBN.

After the ‪Senate reverted to plenary and reported progress, the nomination was confirmed. He was charged to use his wealth of experience to come up with policies that will help the banking sector and the economy in general.

Mr Obiora is an Alternate Executive Director in the International Monetary Fund (IMF) in Washington DC, United States of America (USA).

He holds a Bachelor’s degree in Economics and Statistics from the University of Benin, a Masters in Economics from the University of Ibadan, and a Doctorate in Monetary and International Economics, also from the University of Ibadan.

He is replacing one of the present CBN Deputy Governors, Mr Joseph Nnanna, who is retiring from the post on February 2, 2020. Mr Nnanna is the Deputy Governor of the central bank overseeing the Economic Policy Directorate, which covers the apex bank’s Financial Markets’ franchise.

In the letter sent to the Senate President, Mr Ahmad Ibrahim Lawan, by President Buhari on January 16, 2020, it was explained Mr Obiora was selected for the post “in accordance with the provision of Section 8(1) (2) of the Central Bank of Nigeria (Establishment) Act 2007.”

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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