The Senate confirmed the appointment of Olayemi Cardoso as the chairman of the Monetary Policy Committee of the Central Bank of Nigeria in a plenary session on Thursday.

This decision came after the Committee On Banking, Insurance, and other Financial Institutions presented their report for consideration.

President Bola Tinubu had nominated Cardoso, along with 11 other individuals, to serve on the MPC.

The confirmed members include Muhammad Sani Abdullahi, Bala M. Bello, Emem Usoro, Philip Ikeazor (all CBN deputy governors), Lamido Yuguda (DG Securities and Exchange Commission), and Jafiya Lydia Shehu (Permanent Secretary, Ministry of Finance).

Other members are Murtala Sabo Sagagi (CBN director), Alloycius Uche Ordu, Aku Pullen Odukemelu, Mustapha Akinwunmi, and Bamidele A.G. Amoo.

Tinubu’s nomination letter, sent to the Senate, emphasized that the appointments were made in accordance with the provisions of Section 12 of the Central Bank of Nigeria (CBN) Act 2007.