BREAKING: Senate Considers Banning CBN Governor, Deputies From Politics

The Senate is considering a bill seeking to ban the Governor of the Central Bank of Nigeria (CBN) and Deputy Governors from participating in politics while in service.

CITYNEWS  NIGERIA reports that the bill passed a second reading on Wednesday.

It was sponsored by Senators Sunday Karimi and Darlington Nwokocha.

If passed into law, the bill will amend Section 9 of the Central Bank of Nigeria Act, 2007, which currently only prohibits the CBN governor and deputies from holding any other paid office besides their position at the CBN.

The bill also proposes that the Auditor-General of the Federation, Chairman of the Federal Inland Revenue Service (FIRS), and Chartered Institute of Bankers in Nigeria (CIBN) be represented on the board of the CBN.

Senator Adams Oshiomhole opposed the bill, arguing that the case of Godwin Emefiele, the immediate past CBN governor who purchased a presidential nomination form, was a consequence of the absence of governance and the will to enforce the extant laws.

The Deputy Senate President, Jibrin Barau, therefore, gave the Senate Committee on Banking and Finance two weeks to report back on the CBN Amendment Bill.

Recall that in May 2022, Emefiele purchased a presidential nomination form of the All Progressives Congress (APC). This was highly criticised by Nigerians, with many calling for Emefiele’s resignation or sack by then-President Muhammadu Buhari.

Despite the outcry, Emefiele maintained his position as the CBN governor until Buhari completed his tenure as President and handed over to his successor, President Bola Tinubu.

Emefiele was later suspended from office and prosecuted in court.