NIGERIA (Abuja)-The screening of Mr. Godwin Emefiele as the new Central Bank Governor will commence today by the Senate.

If confirmed, he will be the immediate successor of Mr. Sanusi Lamido Sanusi, who was recently suspended by President Goodluck Jonathan over series of allegations.

This was disclosed by the Senate yesterday in its Notice Paper which indicated that the motion will be formally moved by the Senate Leader, Victor Ndoma-Egba.

The Senate will also, during the exercise, screen Mr. Adelabu Adebayo Adekola as Deputy Governor of the CBN, as nominated by the President.
It is expected to also treat a bill seeking amendment of the CBN Act to remove a sitting CBN governor from being chairman of the CBN governing board.

The CBN Amendment Bill which is being sponsored by Senator, Ita Enang, PDP, Akwa Ibom North-East, has already gone through the First Reading in the Senate, where he it seeks to reduce the powers of a sitting CBN governor by amending section 7(1) of the existing Act which states that “The CBN governor shall be in charge of the day to day management of the bank.”

But the proposed amendment states that the governor shall be in charge of the general administration of the affairs and business of the bank and shall be answerable to the Board for his acts and decisions. It also states specifically that:

”The board shall consist of the Chairman, who shall be appointed by the President subject to confirmation by the Senate and shall be a person of proven integrity credited with expertise in financial regulation.”