Senate Considers Banning CBN Governor, Deputies From Politics

The 10th Senate-led by Godswill Akpabio, on Wednesday, considered banning 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 on Wednesday.

Naija News learnt that the Senate passed the bills after the consideration of two similar bills sponsored by the lawmaker representing Kogi West Senatorial District, Sunday Karimi and the lawmaker representing Abia Central Senatorial District, Darlington Nwokocha.

The lawmakers during plenary 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, Chairman of the Federal Inland Revenue Service (FIRS) and Chartered Institute of Bankers in Nigeria (CIBN) be represented on the board of the CBN.

The lawmaker representing Edo North Senatorial District, Senator Adams Oshiomhole, however, opposed the second reading of the bill, arguing that the case of the immediate past Governor of the CBN, Godwin Emefiele, which was the reference case was a consequence of the absence of governance and the will to enforce the extant laws.

The Deputy Senate President, Jibrin Barau, therefore gave the Senate Committee on Banking and Finance two weeks to report back on the CBN Amendment Bill.

This is coming 17 months after the presidential Nomination and Expression of Interest forms of the All Progressives Congress (APC) was purchased for Emefiele.

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

Emefiele, however, maintained his position as the CBN governor until Buhari completed his tenure as President despite calls for his resignation.

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