Senate considers ban of CBN governor, deputies from politics

Two bills seeking to ban the Governor of the Central Bank of Nigeria (CBN) and his deputies from participating in politics scaled the second in the Senate on Wednesday.

This followed the consideration of the bills sponsored by the Chairman of the Senate Services Committee, Sunday Karimi, and the lawmaker representing Abia Central Senatorial District, Darlington Nwokocha, at the plenary in Abuja.

In their presentation, the two lawmakers also proposed that the Auditor-General of the Federation, Chairmen of the Federal Inland Revenue Service (FIRS), and Chartered Institute of Bankers in Nigeria (CIBN) be represented on the CBN board.

During the debates on the bills, the senators proposed that Section 9 be further amended to stop the CBN governor and deputies from participating in politics while in service.

READ ALSO: Senate warns Tinubu against using CBN loan to finance purchase of CNG buses

The former CBN Governor, Godwin Emefiele, caused uproar in the country in May last year when he purchased the All Progressives Congress (APC) presidential ticket ahead of the party’s primary election held in June of the same year.

He later withdrew from the race following demands for his resignation by Nigerians.

In his contributions to the matter at the plenary, the Senator representing Edo North, Adams Oshiomhole, opposed the second reading of the bill.

He noted 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.

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

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now