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Senate Moves to Whittle Down Powers of CBN Governor

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Senate Moves to Whittle Down Powers of CBN Governor

Godwin Emefiele

A bill to whittle down CBN governor’s powers which was sponsored by Senator Sadiq Suleiman Umar representing Kwara North Senatorial district scaled second reading in the Senate on Tuesday in Abuja.

The lawmaker sought for amendment to the Central Bank of Nigeria’s (CBN) Act No. 7 for the power of the governor to be divested of appointment of anyone into the services of the apex bank.

In the lead debate, the lawmaker proposed that the the new Chairman of Board of the Central Bank will have powers to determine salaries and allowances of members, as the Governor focuses strictly on administrative duties in the running of the Apex Bank.

Senator Suleiman further argued that the board would be responsible for the annual budget of the bankers’ bank which he said is the global standard.

“A bill for an Act to amend the Central Bank of Nigeria (CBN) Act No. 7 of 2007 to enable the appointment of a person other than the Governor as the Chairmen of the board, divest the Board of the powers of determining and fixing salaries and allowances of its members.

“And considering and approving the annual budget of the Bank; and for other related matters, 2022.”

Senate Moves to Whittle Down Powers of CBN Governor

Reacting in her contribution to the proposed bill, Senator Betty Apiafi from Rivers called for a wholistic amendment of the CBN Act, saying that the CBN governor went out of his way to contest for presidency while in office in the 2022 presidential primary election.

She maintained that this would not happen anywhere in the world, given that the Independent National Electoral Commission (INEC) sensitive materials were expected to be kept in the apex bank.

She said, the CBN, Godwin Emefiele having attempted to contest presidency has made Nigerians to lose confidence in the bank storing the INEC materials.

The submission of Senator Apiafi was the same thing with that of Senator Enyinnaya Abaribe from Abia who spoke earlier.

Senate President, Dr Ahmad Ibrahim Lawan, however, cautioned Senators to focus on the proposed amendment rather than dabbling into the alleged attempt by the CBN governor to contest for presidency as that wasn’t part of the general principles of the bill.

Senate President after putting the bill to vote either to be withdrawn or pass into second reading and it later scaled second reading through voice vote.

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