BREAKING: Senate Considers Specific Ban On CBN Governor, Deputies (DETAILS)

BREAKING: Senate Considers Specific Ban On CBN Governor, Deputies (DETAILS)

On Wednesday, the Senate deliberated on two bills aimed at prohibiting the Governor of the Central Bank of Nigeria (CBN) and Deputy Governors of the apex bank from engaging in politics.

Both bills passed the second reading during the upper chamber’s plenary session. They were sponsored by Sunday Karimi, representing Kogi West Senatorial District, and Darlington Nwokocha, representing Abia Central Senatorial District.

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During the discussions, lawmakers suggested further amendments to Section 9 to prevent the CBN governor and deputies from participating in politics while in office.

They also proposed the inclusion of the Auditor-General of the Federation, Chairpersons of the Federal Inland Revenue Service (FIRS), and Chartered Institute of Bankers in Nigeria (CIBN) on the CBN’s board.

However, Senator Adams Oshiomhole from Edo North Senatorial District opposed the second reading, arguing that the case of the immediate past Governor of the CBN, Godwin Emefiele, which was cited, was a result of governance failure and a lack of enforcement of existing laws.

Deputy Senate President, Jibrin Barau, then directed the Senate Committee on Banking and Finance to report back on the CBN Amendment Bill within two weeks.

This development comes 17 months after the presidential Nomination and Expression of Interest forms of the All Progressives Congress (APC) were acquired for Emefiele. The incident sparked public outcry, with many Nigerians and groups calling for Emefiele’s resignation or dismissal by then President Muhammadu Buhari. Despite the controversy, Emefiele retained his position as the CBN governor until the end of Buhari’s tenure, at which point he was replaced by President Bola Tinubu. Upon assuming office, Tinubu initiated financial sector reforms that included Emefiele’s suspension and legal proceedings against him.

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