The National Assembly is pushing for changes to the Central Bank of Nigeria Act 2007, aiming to prevent top officials from participating in partisan politics.
This move, spearheaded by former lawmaker Darlington Nwokocha, 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 tenure.
The motivation behind this amendment stems from past events, such as the involvement of former CBN governor Godwin Emefiele in the political sphere during the 2023 presidential election.
This situation, coupled with the controversy surrounding the naira redesign towards the end of the Buhari administration, has prompted the Senate to take action to prevent future occurrences.
The proposed amendment also includes changes to the appointment terms of CBN officials. According to the amendment bill, the chairman, governor, and deputy governors would initially serve a five-year term, with the possibility of reappointment for an additional five years.
Additionally, a transitional clause would stagger the terms of initial deputy governors, with two appointed for three years and two for four years.
In a bid to enhance accountability, the amendment bill mandates the CBN governor to report to the National Assembly semi-annually. These reports would cover various aspects of the CBN’s monetary policy efforts, activities, objectives, and future economic development prospects.
Furthermore, the amendment bill proposes the establishment of a new Board of Directors for the CBN.
This board would be responsible for the policy and general administration of the bank, with members including a chairman with expertise in accounting, finance, or economics, the governor, five deputy governors (each from a different region), the Permanent Secretary of the Federal Ministry of Finance, five non-executive directors, and the Accountant-General of the Federation.
Overall, these proposed amendments aim to enhance transparency, accountability, and professionalism within the Central Bank of Nigeria, while also ensuring that its officials remain impartial and focused on their duties without political distractions.
(Punch)
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