Senate on Tuesday began the process of confirming Mr. Godwin Emefiele as the Central Bank of Nigeria, CBN governor for another term of five years, when the upper legislative chamber referred the executive communication from President Muhammadu Buhari to that effect to the Committee on Banking, Insurance and other Financial Institutions.

The Senate President, Dr. Bukola Saraki, mandated the committee, chaired by Senator Rafiu Ibrahim, PDP-Kwara South, one week to report back to the plenary.

Earlier, the Senate Leader, Senator Ahmad Lawan, APC-Yobe North, had urged the Red Chamber to consider the request of President Buhari on the renewal of appointment of  Emefiele in accordance with Section 8(1) and (2) of the Central Bank of Nigeria Act, 2007.

The  President had last week forwarded a letter to the Senate, requesting the reappointment of Emefiele as the CBN governor for a final five years tenure.

In the letter addressed to the Senate President and read on the floor, Buhari requested the confirmation of the re-appointment of Mr. Emefiele as the governor of the Central Bank of Nigeria

The letter dated May 8 but received by Saraki on May 9, reads in part: “In view of the expiration of the first tenure of the current tenure of the Central Bank of Nigeria (CBN) on on June 2, 2019 and pursuant to provisions of section 81(2) of central bank of Nigeria 2007.

“I hereby present for for confirmation by the Senate, Mr Godwin I Emefiele for re-appointment as governor of CBN for the final term of five (5)years.

“It is my hope that the Distinguished Senate will consider and confirm the nominee with the usual expeditious manner”.

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