Bills Seeking to Ban CBN Governor, Deputies From Politics Pass Second Reading

The two bills, seeking to ban the Governor of the Central Bank of Nigeria (CBN) and Deputy Governors of the apex bank from participating in politics while in service, passed a second reading at the Senate on Wednesday.

The Red chamber passed the two bills

during plenary, after the consideration of two similar bills sponsored by the lawmaker representing Kogi West Senatorial District, Sunday Karimi and Darlington Nwokocha, a lawmaker representing Abia Central Senatorial District.

During the debates on the bills at the upper legislative chamber, the lawmakers proposed that Section 9 be further amended to insulate the CBN governor and deputies from participating in politics while in service.

The sponsors of the bills 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 board of the CBN.

The second reading of the bill was however opposed by Senator Adams Oshiomhole, representing Edo North Senatorial District,  who argued that the case of the immediate past Governor of the CBN, Godwin 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, therefore gave the Senate Committee on Banking and Finance two weeks to report back on the CBN Amendment Bill.