President Bola Tinubu has nominated Melvin Ayogu to the board of the Central {Bank} of Nigeria (CBN) and has requested Senate affirmation for the appointment.
This announcement was made by the Particular Adviser to Tinubu on Data and Technique, Bayo Onanuga, in an announcement on Wednesday.
“President Bola Tinubu has written to the Senate, requesting affirmation of Prof. Melvin Ayogu’s appointment to the Central {Bank} of Nigeria’s (CBN) Board of Administrators.”, Onanuga wrote on his X deal with.
Along with Ayogu’s nomination, Tinubu additionally sought Senate affirmation for Nwakuche Ndidi as Controller-Basic of the Nigerian Correctional Service. The requests, conveyed in letters to Senate President Godswill Akpabio, had been learn throughout Tuesday’s plenary session.
Earlier nominations
Beforehand, in February 2024, Tinubu had nominated Robert Agbide, Ado Wanga, Murtala Sagaley, Urom Eke, and Olayinka Aliyu to the CBN board.
Nevertheless, on February 29, 2024, the Senate confirmed 4 of the nominees after Eke declined the provide, citing a “battle of curiosity.”
Tinubu subsequently changed Eke with Ruby Onwudiwe on March 13, 2024. Nevertheless, reviews circulated a day later that the president withdrew her nomination because of her political affiliation with the Labour Social gathering, an opposition social gathering to the All Progressives Congress.
Earlier in March, Nairametrics reported that the CBN known as on {financial} establishments to strengthen their compliance frameworks and align with world banking requirements to fight illicit {financial} flows and keep the integrity of the {financial} system.
What it is best to know
- The apex {bank} made this name on the Necessary Compliance and Anti-Cash Laundering (AML) Coaching Workshop held in Lagos on February 28, 2025, in collaboration with Citi.
- The occasion introduced collectively compliance officers, commerce operations specialists, and correspondent banking groups from numerous {financial} establishments to debate world regulatory tendencies, {financial} dangers, and finest practices for guaranteeing compliance.
- The CBN reaffirmed its dedication to reinforcing regulatory oversight and guaranteeing that Nigerian banks undertake dynamic, risk-based Anti-Cash Laundering (AML) and Counter-Financing of Terrorism (CFT) applications that align with evolving world requirements.
Talking on the occasion, Shola Phillips, Particular Adviser to the CBN Governor on Compliance, confused that {financial} establishments should function with compliance frameworks that replicate worldwide finest practices.
She famous that correspondent banking relationships have gotten more and more depending on stringent compliance measures, making it crucial for Nigerian banks to enhance their danger administration constructions.
She additional highlighted that failing to align with world compliance requirements might expose Nigerian banks to elevated scrutiny from worldwide {financial} establishments, doubtlessly affecting their entry to world banking networks.
