The National Assembly is seeking amendments to the Central Bank of Nigeria (CBN) Act 2007 to stop top officials of the bank from participating in partisan politics.
The amendment is aimed at prohibiting the chairman, Governor, and Deputy Governors of the apex bank from engaging in political activities or becoming members of any political party for three years after service.
Former Governor of the CBN, Godwin Emefiele, got involved in politics in the run-up to the 2022 political parties presidential primaries ahead of the 2023 General elections, a development that generated so much tension in the polity.
Having failed to secure his way through the party, Emefiele introduced the infamous redesign of the Naira at the twilight of the former President Muhammadu Buhari’s administration and also withdrew Naira notes from circulation.
However, in an effort to prevent future occurrence, the Senate has commenced the process of amending the CBN Act with a view to ban officials of the apex bank from further incursion into the political arena.
A part (amended section 8) of Central Bank of Nigeria Act 2007 (Amendment) Bill 2023 read, “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.”
The bill also proposed that the CBN’s top executives made up of the chairman, governor, and deputy governors, shall initially be appointed for a term of five years and may be reappointed for an additional one term not exceeding five years.
Similarly, the Senate inserted a transitional clause in the proposed amendment which stipulates varying terms for the initial Deputy Governors to facilitate a staggered leadership transition, with two appointed for three years and two for four years.
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