Senate to ban CBN Governor from politics

The Senate of Nigeria is deliberating a bill aimed at prohibiting the Governor of the Central Bank of Nigeria (CBN) and Deputy Governors from engaging in politics while in office.

The bill successfully passed its second reading on Wednesday.

This legislative proposal is sponsored by Senators Sunday Karimi and Darlington Nwokocha and seeks to amend Section 9 of the Central Bank of Nigeria Act, 2007.

The current law only prevents the CBN Governor and Deputy Governors from holding any other paid positions alongside their roles at the CBN.

Furthermore, the bill introduces the inclusion of the Auditor-General of the Federation, Chairman of the Federal Inland Revenue Service (FIRS), and the Chartered Institute of Bankers in Nigeria (CIBN) on the CBN board.

Senator Adams Oshiomhole expressed opposition to the bill.

He argued that the case of Godwin Emefiele, the former CBN Governor who purchased a presidential nomination form while in office, resulted from the lack of governance and enforcement of existing laws.

In response to the debate, Deputy Senate President Jibrin Barau granted the Senate Committee on Banking and Finance a two-week window to review and provide a report on the CBN Amendment Bill.

Recalling events from May 2022, Emefiele’s controversial purchase of a presidential nomination form from the All Progressives Congress (APC) drew widespread criticism from Nigerians.

Many called for his resignation or removal by then-President Muhammadu Buhari.

However, Emefiele retained his CBN Governor position until the end of Buhari’s presidency and the commencement of President Bola Tinubu’s term.

Subsequently, Emefiele faced suspension from office and legal prosecution.