The National Assembly is proposing changes to the Central Bank of Nigeria (CBN) Act 2007 to prevent senior officials of the apex bank from getting involved in political activities.
The amendment aims to restrict the CBN chairman, governor, and deputy governors from participating in politics or joining any political party for three years after their tenure.
This move comes after the former CBN governor, Godwin Emefiele, entered the political scene during the lead-up to the 2023 presidential election. This caused tension in the country, especially with the controversial naira redesign introduced towards the end of President Muhammadu Buhari’s term.
To prevent similar incidents in the future, the Senate is pushing for a prohibition on CBN officials from entering the political sphere. One of the amended sections, Section 8, in the Central Bank of Nigeria Act 2007 (Amendment) Bill 2023 states: [the specific text of the amended section 8 would be inserted here].
“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.
“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 suggests that the top executives of the CBN, including the chairman, governor, and deputy governors, will be appointed for an initial five-year term.
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They can be reappointed for one more term, up to five years.
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A transitional clause specifies different terms for the initial deputy governors to enable a phased leadership transition, with two serving for three years and two for four years.
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