How Senate's rejection of Magu led to cancellation of Nigeria’s Monetary Policy Committee meeting

macfranc007 January 22, 2018 Nigeria News today & Breaking news ▷ Read Nigerian newspapers 24/7 Adeola Opeyemi

- For failing to form a quorum, the Monetary Policy Committee (MPC) cancelled it's first meeting of the year

- Most of the members who are expected to form the quorum have been nominated by the president and are awaiting Senate confirmation

- The MPC is the CBN committee responsible for formulating monetary and credit policy for the economy

The Monetary Policy Committee has cancelled its first meeting of the year slated for Monday, January 22 and Tuesday, January 23, after the committee failed to form a quorum of at least five members of the Central Bank of Nigeria.

Most of the members expected to form the quorum have been nominated by the president a while back but are yet to be confirmed by the Senate.

Recall that the Senate refused to confirm the new presidential nominees to fill positions vacated by some former members who either retired or completed their tenures until the acting chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, is removed.

The Senate has refused to confirm Magu as the head of the EFCC while President Muhammadu Buhari has refused to replace him as the head of the anti-corruption agency.

Premium Times reports that the MPC, whose meeting is being cancelled, is the CBN committee responsible for formulating monetary and credit policy for the economy.

In line with Section 12 (2d) and (e) of the CBN Act of 2007 (Amended), the MPC is composed of 12 members, including the CBN governor as chairman.

Other members include the four CBN deputy governors; two members of the board of directors; three appointees by the president, and two by the CBN governor.

To form a quorum, the law requires five members of the CBN board to be in attendance. Three of them must be CBN directors other than the governor or the deputy governors.

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NAIJ.com previously reported that a coalition of civil society groups said President Buhari must urgently drop Ibrahim Magu as the acting chairman of the EFCC if the anti-corruption crusade of his administration must succeed.

The groups under the aegis of Global Centre for Conscious Living against Corruption, made attempt to take its anti-Magu demonstration to the headquarters of the EFCC on Formella Street Abuja, but were blocked by riot policemen manning the agency.

How Nigeria got into serious mess - on NAIJ.com TV