Senate alters CBN Act to bar governor, deputies from politics… 

The Senate yesterday considered two bills seeking to ban the governor of the Central Bank of Nigeria (CBN) and deputy governors of the apex bank from participating in politics

The two bills passed a second reading during plenary at the upper chamber.

This is coming 17 months after the former CBN governor, Godwin Emefiele, picked up the N100 million presidential Nomination and Expression of Interest forms of the ruling All Progressives Congress (APC), allegedly purchased for him by some interest group of rice farmers.

The situation ignited negative reactions from the public, with many Nigerians and groups calling for Emefiele’s resignation or sack by the then President, Muhammadu Buhari.

According to Section 9 of the CBN Act, 2007, the apex bank governor must not venture into any other vocation while in office and must resign in writing to the President if he nurses such intention.

Despite the outcry, Emefiele maintained his position as the CBN governor until Buhari completed his tenure and handed over to his successor, President Bola Tinubu, in May.

Coming on board, Tinubu embarked on reforms in the financial sector by suspending Emefiele from office as well as prosecuting him in court.

At plenary yesterday, the Senate passed the two bills after the consideration of similar bills sponsored by Sunday Karimi (APC, Kogi) and Darlington Nwokocha (LP, Abia).

During the debates, the lawmakers proposed that Section 9 be further amended to insulate the CBN governor and deputies from participating in politics while in service.

Both senators equally proposed that the Auditor-General of the Federation, Chairmen of the Federal Inland Revenue Service (FIRS) and Chartered Institute of Bankers in Nigeria (CIBN) be represented on the board of the CBN.

Senator Adams Oshiomhole (APC, Edo), however, opposed the second reading of the bill, arguing that the case of Emefiele, which was the case in reference, was a consequence of the absence of governance and the will to enforce the extant laws.

Explaining the motivation for his bill, Karimi said the piece of legislation would, if passed, lead to greater accountability and transparency in the operations of the apex bank.