Godwin Emefiele: Bill to Bar CBN Governor From Contesting Elections Scales Second Reading in Senate
- A bill to bar CBN governors from partisan politics has scaled a second reading at the Senate
- If signed, the bill is expected to improve on the current 2007 Act, which forbids CBN governors from holding paid office
- The bill also proposes the inclusion of the Federal Auditor-General and others in the CBN board
The Senate is debating a bill that would prohibit the Governor and Deputy Governors of the Central Bank of Nigeria (CBN) from engaging in politics while in office.
The law was approved for a second reading on Wednesday, October 25, 2023. According to The Guardian, senatorsSunday Karimi and Darlington Nwokocha sponsored the bill.
Source: UGC
The Central Bank of Nigeria Act 2007, Section 9, presently only forbids the governor and deputies of the CBN from holding any other paid office in addition to their job at the CBN. This would be amended if the bill is signed into law.
Bill calls for appropriate representation in CBN
The bill also calls for representation on the CBN board from the Federal Auditor-General, the Federal Inland Revenue Service, and the Chartered Institute of Bankers in Nigeria (CIBN).
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Senator Adams Oshiomhole opposed the bill, claiming that the situation involving Godwin Emefiele, the recently departed CBN governor who bought a presidential candidature form, was due to a lack of leadership and a willingness to uphold the law as it is.
As a result, the Senate Committee on Banking and Finance was given two weeks by Deputy Senate President, Jibrin Barau to provide a report on the CBN Amendment Bill.
Recall that Emefiele bought an All Progressives Congress (APC) presidential nomination form in May 2022.
Nigerians were outraged by this, with many demanding that then-President Muhammadu Buhari fire Emefiele or demand his resignation.
Notwithstanding the protests, Emefiele remained the governor of the Central Bank of Nigeria until Buhari finished his term as president and gave the reins to President Bola Tinubu. He was later suspended by the new administration.
Legit.ng had reported that some Nigerians want second term banned for CBN governors following a report that FG’s debt service exceeds oil revenue.
Fintechs, Banks, Others Advise CBN Against Shutting Out Cryptocurrency Operations in Nigeria
Legit.ng reported that financial industry stakeholders have issued a communique to ensure the blacklisting of offenders in the industry.
As contained in the statement, they also advised the CBN on dealing with crime perpetrators using cryptocurrencies.
This was released by the attendees of the Information Security Society of Africa-Nigeria cybersecurity roundtable.
Source: Legit.ng
