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CBN Officials To Be Barred From Partisan Politics As National Assembly Proposes Amendment
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CBN Officials To Be Barred From Partisan Politics As National Assembly Proposes Amendment
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Spearheaded by former lawmaker Darlington Nwokocha, amendment seeks to bar CBN officials from political activities for three years post-service
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Response to concerns after former CBN governor Godwin Emefiele’s involvement in 2023 presidential election sparks tension, coincides with controversies over redesigned naira.
EKO HOT BLOG reports that the National Assembly is proposing amendments to the Central Bank of Nigeria Act 2007 aimed at preventing top officials of the apex bank from participating in partisan politics.
Spearheaded by former lawmaker Darlington Nwokocha, the amendment seeks to bar the chairman, governor, and deputy governors of the CBN from engaging in political activities or joining any political party for three years after their service.
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This move comes in response to concerns raised after former CBN governor Godwin Emefiele was reportedly drawn into the political sphere during the 2023 presidential election, sparking tension in the country.
Emefiele’s involvement coincided with controversies surrounding the introduction of a redesigned naira during the final days of former President Muhammadu Buhari’s administration.
In a bid to forestall such development, the Senate sought to ban officials of the apex bank from further incursion into the political arena.
A part (amended section 8) of Central Bank of Nigeria Act 2007 (Amendment) Bill 2023 read: “The Governor and Deputy-Governors shall be persons of recognised financial experience and shall be appointed by the President, subject to confirmation by the Senate on such terms and conditions as may be set out in their respective letters of appointment.
CBN Officials
“The Chairman shall also be appointed by the President. The Chairman, Governor and Deputy Governors shall not engage in or be a member of any political party until three (3) years after disengaging from office.”
The bill also proposed that the CBN’s top executives made up of the chairman, governor, and deputy governors, shall initially be appointed for a five-year term.
However, they may be reappointed for one additional term not exceeding five years.
A transitional clause stipulates varying terms for the initial deputy governors to facilitate a staggered leadership transition, with two appointed for three years and two for four years.
The amendment bill read “The Chairman, Governor and Deputy Governors shall be appointed in the first instance for a term of five years and shall each be eligible for reappointment for another term not exceeding five years and no more:
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“Provided that, of the first five deputy governors to be so appointed, two shall in the first instance be appointed for three years and two shall in the first instance be appointed for four years.”
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