President Umaru Yar'Adua has approved the appointments of Stephen Oronsaye and Nebolisa Arah as members of the board of the Central Bank of Nigeria (CBN).

Olusegun Adeniyi, special adviser to the president on media and publicity, made this known to State House correspondents in Abuja on Sunday.

"Oronsaye is the current Head of the Civil Service of the Federation (and) is to serve on the board in his personal capacity, to replace Prof. Akpan Ekpo." Mr. Arah, who was the pioneer Managing Director of Fidelity Bank, is to replace Mrs. Juliet Madubueze.

The special adviser also announced the renewal of the appointments of Samuel Olofin, Dahiru Muhammad and Joshua Omuya to the board."All the board appointments are subject to confirmation by the Senate," he said.

Adeniyi also announced President Yar'Adua's nomination of Dr. Kingsley Moghalu for confirmation by the senate as a deputy governor of the CBN. He said the nomination of Moghalu was meant to strengthen the CBN for effective and efficient performance.

"Moghalu, 46, holds a doctorate degree from the London School of Economics with experience in corporate governance, risk management and strategy. His appointment is expected to complement the collective strength of the CBN board and management.

"President Yar'Adua has also approved the nomination of Dr. Adedoyin Salami, Mr. John Oshilaja, Prof. Chibuike Uche, Dr. Shehu Yahaya and Mr. Abdul-Ganiyu Garba for confirmation as members of the Bank's Monetary Policy Committee," Adeniyi said.


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President Umaru Yar'Adua has approved the appointments of Stephen Oronsaye and Nebolisa Arah as members of the board of the Central Bank of Nigeria (CBN).

Is this Nebolisa Arah not the same person that was appointed by CBN on Friday to head Afribank Plc? Is it possible for a board member of CBN to also be the CEO of one of the banks the CBN was supposed to be supervising?