CBN Governor Emefiele to Resign after Joining APC Presidential Race? Here’s What CBN Act Says

FCT, Abuja - On Friday, May 6, some associates of the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, obtained the presidential forms of the All Progressives Congress (APC) for him.

According to TheCable, three interest groups picked the APC presidential nomination form for the CBN governor.

The newspaper cited insider sources as saying that representatives of the coalition of three groups (“rice farmers”, “Emefiele Support Group” and “Friends of Godwin Emefiele”) picked the N100 million form on Friday at the International Conference Centre (ICC) in Abuja.

The CBN governor is yet to comment on the development.

2023 presidency: Speculations about Emefiele's ambition

Prior to Friday, there had been speculations that the governor of the apex bank may seek the presidential seat in 2023.

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This prompted calls from various stakeholders and interest groups asking him to step down because of the sensitive position he holds.

Amid the speculations, Emefiele in a thread of tweets on Monday, March 28, said his focus is "a robust monetary policy and fighting inflation".

He wrote:

"My focus at this time is a robust monetary policy and fighting inflation which is now a global problem; building a strong financial system in an increasingly uncertain global economy; Development finance and supporting farmers & manufacturers in our self sufficiency and import substitution drive; raising N15 trillion for InfraCo infrastructure financing; Building a world class International Financial Center in Lagos; as we support the @MBuhari Administration to finish strong."

As lengthy as the tweet is, the CBN governor neither confirmed nor denied his interest in succeeding President Muhammadu Buhari.

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Resignation: What the law says about Emefiele as Buhari demands ministers, others with ambition to resign

In response, a Twitter user, Olufemi AWOYEMI, mni, @OlufemiAwoyemi, asked:

"Is this a rebuttal or disclaimer?"

2023 presidency: Does the CBN governor have to resign?

Following the latest development, Daily Trust cited the CBN Act to understand if Emefiele is bound by law to resign if he wants to run for president in 2023.

Here is what the Act says on disqualification and cessation of appointment of a CBN governor:

– (1) A person shall not remain a Governor, Deputy Governor or

Director of the Bank if he is -

(a) a member of any Federal or State legislative house; or

(b) a Director, officer or employee of any bank licensed under the Banks and Other Financial Institutions Act.

(2) The Governor, Deputy Governor or Director shall cease to hold office in the Bank if he -

(a) becomes of unsound mind or, owing to ill health, is incapable of carrying out his duties;

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(b) is convicted of any criminal offence by a court of competent jurisdiction except for traffic offences or contempt proceedings arising in connection with the execution or intended execution of any power or duty conferred under this Act or the Banks and Other Financial Institutions Act;

(c) is guilty of a serious misconduct in relation to his duties under this Act;

(d) is disqualified or suspended from practicing his profession in Nigeria by order of a competent authority made in respect of him personally;

(e) becomes bankrupt;

(f) is removed by the President: Provided that the removal of the Governor shall be supported by two-thirds majority of the Senate praying that he be so removed.

Resignation

Regarding resignation, the Act states that the CBN Governor or any Deputy Governor may resign his office by giving at least three months’ notice in writing to the President of his intention to do so and any Director may similarly resign by giving at least one month’s notice in writing to the President of his intention to do so.

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It adds that if the Governor, any Deputy Governor of Director of the Bank dies, resigns or otherwise vacates his office before the expiry of the term for which he has been appointed, there shall be appointed a fit and proper person to take his place on the Board for the unexpired period of the term of appointment in the first instance.

The is quoted below:

(3) The Governor or any Deputy Governor may resign his office by giving at least three months’ notice in writing to the President of his intention to do so and any Director may similarly resign by giving at least one month’s notice in writing to the President of his intention to do so.

(4) If the Governor, any Deputy Governor of Director of the Bank dies, resigns or otherwise vacates his office before the expiry of the tem for which he has been appointed, there shall be appointed a fit and proper person to take his place on the Board for the unexpired period of the term of appointment in the first instance if the vacancy is that of -

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(a) the Governor or a Deputy Governor, the appointment shall be made in the manner prescribed by section 8(1) and (2) of this Act; and

(b) any Director, the appointment shall be made in the manner prescribed by section 10(1) and (2) of this Act.

Tinubu speaks on growing list of APC presidential aspirants

Meanwhile, Asiwaju Bola Tinubu has said the growing number of people seeking the APC's 2023 presidential ticket is good for Nigeria's democracy.

The former Lagos state governor who is also a presidential hopeful said this after meeting with President Muhammadu Buhari on Tuesday, May 3, at the presidential villa, Abuja.

Tinubu who met with the president at his official residence said the trend is in the best interest of the country.

Source: Legit.ng