The Senate on Wednesday, considered two bills that would ban the Governor of the Central Bank of Nigeria (CBN) and Deputy Governors of the apex bank from running for political office.
Both bills received approval for a second reading in the upper chamber during the plenary session
The Senate passed them after the assessment of two identical bills introduced by Sunday Karimi, the legislator representing the Kogi West Senatorial District, and Darlington Nwokocha, the legislator representing the Abia Central Senatorial District.
During the discussions on the bills, lawmakers recommended an additional amendment to Section 9 to ensure the CBN governor and deputies remain apolitical while in office.
Furthermore, both senators proposed the inclusion of the Auditor-General of the Federation, Chairmen of the Federal Inland Revenue Service (FIRS), and Chartered Institute of Bankers in Nigeria (CIBN) on the CBN board.
However, Senator Adams Oshiomhole, representing Edo North Senatorial District, opposed the bill’s second reading. He argued that the case of the former CBN Governor, Godwin Emefiele, referenced in the debate, resulted from a lack of governance and the failure to enforce existing laws.
The Deputy Senate President, Jibrin Barau, has instructed the Senate Committee on Banking and Finance to provide their report on the CBN Amendment Bill within two weeks.
This development occurred 17 months after the purchase of the presidential Nomination and Expression of Interest forms of the All Progressives Congress (APC) for Emefiele.
It sparked adverse reactions from the public, with numerous Nigerians and organizations demanding Emefiele’s resignation or removal by the then President, Muhammadu Buhari.
Despite the public’s concerns, Emefiele remained in his role as the CBN governor throughout Buhari’s presidency, until Buhari’s tenure concluded and he transferred power to the new President, Bola Tinubu.
Upon taking office, Tinubu initiated financial sector reforms that involved suspending Emefiele from his position and pursuing legal action against him.