Adebayo Adelabu, Oyo State nominee in the about-to-be formed federal executive council, dazzled the Nigerian senate Tuesday evening when he was screened for ministerial position.
According to the Ibadan-born politician and banker, the Central Bank of Nigeria, fails in its responsibility because it is not properly monitored.
The senators who rained questions on Adelabu after AbdulFatai Buhari, three-term senator representing Oyo North who spoke on behalf of Yunus Akintunde (Oyo Central) and Sharafadeen Alli (Oyo South) said he was confident the nominee’s first class from the Obafemi Awolowo University, Ile-Ife, was not a fluke and would answer all questions thrown at him.
Replying questions, Adelabu said that CBN is not in superiority contest with the federal ministry of finance, submitting that the finance ministries of finance, budget and the office of the accountant general as well as other relevant agencies should perform oversight functions on the apex bank.
Adelabu, who was a deputy governor of CBN, said the president should have a way of meeting the governors and deputy governors of the apex bank, adding that most times, the opinion of the CBN president is seen as the general view of the bank.
”The president should find a way of meeting all the leadership of the CBN once in a while— let’s say quarterly or twice, he will get to know what is happening. There is always minority decision. The minority will always have the say, while the majority will have the way. So, CBN needs proper monitoring.”
Godswill Akpabio, president of the senate, who listened with rapt attention, agreed that the CBN act needs review, adding that his colleagues should take note.
