NEWS

N’Assembly To Amend CBN Act To Bar Gov From Partisan Politics

It’s worth noting that in the 2023 general elections, the former CBN governor, Godwin Emefiele, contested for the presidency under the All Progressives Congress (APC) banner.

By Nkiruka Aduba

National Assembly legislators are proposing changes to the Central Bank of Nigeria Act, 2007, aiming to prevent the governor and top officials of the bank from engaging in partisan politics. Previously, Senator Darlington Nwokocha, who represented Abia Central Senatorial District, had spearheaded this amendment effort before being ousted by an Appeal Court in 2023.

The proposed amendment aims to bar the chairman, governor, and deputy governors of the central bank from participating in political activities or joining any political party for three years after their service.

It’s worth noting that in the 2023 general elections, the former CBN governor, Godwin Emefiele, contested for the presidency under the All Progressives Congress (APC) banner.

Section 8 (amended) of the CBN Act, 2007 (Amendment) Bill 2023 stated that “The Governor and Deputy-Governors shall be persons of recognised financial experience and shall be appointed by the President, subject to confirmation by the Senate on such terms and conditions as may be set out in their respective letters of appointment.

“The Chairman shall also be appointed by the President. The Chairman, Governor and Deputy Governors shall not engage in or be a member of any political party until three (3) years after disengaging from office.”

As per the proposed legislation, the top executives of the CBN, consisting of the chairman, governor, and deputy governors, will be appointed initially for a five-year term.

However, the bill allows for the possibility of reappointment for one additional term, not exceeding five years. According to The Punch, a transitional clause in the CBN Act outlines different terms for the initial deputy governors to enable a staggered leadership transition, with two appointed for three years and two for four years.

The bill stipulates that “The Chairman, Governor and Deputy Governors shall be appointed in the first instance for a term of five years and shall each be eligible for reappointment for another term not exceeding five years and no more:

“Provided that, of the first five deputy governors to be so appointed, two shall in the first instance be appointed for three years and two shall in the first instance be appointed for four years.”

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