Reps progress bill to amend CBN Act 2007
By Jeph Ajobaju, Chief Copy Editor
A bill seeking to amend the Central Bank of Nigeria (CBN) Act 2007 to prevent its officials from participating in politics has passed second reading in the House of Representatives.
The amendment will disqualify politicians and persons with political affiliations from occupying leadership positions in the CBN and also bar from politics its existing senior officials, including the Governor and Directors.
The legislation is titled, “A Bill for an Act to Amend Section 11 of the Central Bank of Nigeria, Act 2007 to Add More Conditions for Disqualification and Cessation of Appointment as Governor, Deputy Governor or Director of the Bank; and for Related Matters”.
It seeks to amend Section 11(2) of the CBN Act by inserting a new paragraph (f) to read thus: “(f) Is a member of a political party or involved in partisan politics.”
The bill is sequel to criticism up to June which trailed the bid by Governor Godwin Emefiele to run for President on the platform of the All Progressives Congress (APC).
The sponsor of the bill, Sada Soli (APC, Katsina) said while leading debate on the CBN Act 2007 is the legal instrument that establishes the CBN and the office of its Governor.
He also noted that
- By virtue of Section 7 and 8 of the Act, the CBN is answerable to the President, the National Assembly, and the CBN Board of Directors.
- Section 11 of the CBN Act 2007 provides the conditions under which the Governor of the CBN shall cease to act in that capacity.
Soli said: “According to Section 11(2)(a)-(f), there is no mention as related to the political parties or partisan politics of the governor of the CBN or its directors.
“Therefore, we need to add to the principal Act by inserting a new Section 11(2)(f) to read thus: ‘is a member of a political party or involved in partisan politics.’
“These changes will enable any person who is interested in partisan politics to cease as the Governor of the Central Bank and this will give more honour to the position of the CBN Governor, Deputy Governor and Director.”
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Amendment without prejudice
“This amendment is no prejudice to anybody but because the Act was tested and it was found weak,” Soli added, per The PUNCH.
“Therefore, we need to strengthen the Central Bank of Nigeria as the lender of last resort, the Bank of the Federal Republic of Nigeria, to restore its credibility from the shock it has suffered in the course of interpreting the law, basically because of the absence of what I’m trying to amend.
“Why am I doing this? Because there was a time the CBN Governor [Emefiele] went to court seeking an interpretation whether he can participate in partisan politics. We need to address that.
“Today, the credibility of CBN in custody of sensitive election material is being questioned. It is not against any individual but to save the integrity of CBN.”