The Senate on Wednesday passed for second reading a bill seeking to amend the Central Bank of Nigeria (CBN) Act to bar the serving governor and deputy governors from partisan politics. The bill titled: “Central Bank of Nigeria (Establishment) (Amendment) Bill 2023” was sponsored by Senator Steve Karimi (APC- Kogi West) while the second one titled: “A Bill to amend the Central Bank of Nigeria Act 2007, and for matters connected therewith, 2023” was sponsored by Senator Darlington Nwokocha (LP-Abia Central). The immediate past Governor of the CBN, Godwin Emefiele, had attempted to contest the 2023 Presidential primaries of the All Progressives Congress (APC) while in office.
The move attracted widespread criticisms by Nigerians who wondered how a serving public servant can seek an elective office contrary to extant provisions of the Constitution.
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.
Karimi explained in his Bill that it was aimed at amending the CBN Act to allow for greater accountability and transparency in the running of the Bank and to prohibit the use of foreign currency in local transactions in Nigeria.
Karimi’s proposed amendment to section 9(2) of the CBN Act reads: “Notwithstanding the Provisions of this Act or any written law in existence, the governor and the deputy governor of the bank shall not participate directly or indirectly in partisan politics, nor contest any election, during their tenure in office.”
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.
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.
