Senate Moves to Prohibit CBN Governor, Others from Politics

October 25, 2023
Senate confirms Umar Yahaya

By Adedapo Adesanya

The Senate has taken steps to stop the Governor of the Central Bank of Nigeria (CBN) and the deputies from participating in politics while in service.

This was necessitated after the former governor of the apex bank, Mr Godwin Emefiele, reportedly picked a presidential nomination under the aegis of the ruling All Progressives Congress (APC) while still manning the lender.

At Wednesday’s plenary, Mr Sunday Karimi, the lawmaker representing Kogi West Senatorial District and Mr Darlington Nwokocha, a lawmaker representing Abia Central Senatorial District, read the bills for consideration.

During the debates on the bills, the lawmakers proposed that Section 9 be further amended.

Both senators equally proposed that the Auditor-General of the Federation, Chairmen 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 from Edo North Senatorial District, however, opposed the second reading of the bill, arguing that the case of Mr Emefiele, which was the case in reference, was a consequence of the absence of governance and the will to enforce the extant laws.

The Deputy Senate President, Mr 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, Mr Emefiele acquired the presidential Nomination and Expression of Interest forms of the APC.

Although he later withdrew from the race, the situation sparked reactions with many Nigerians and groups calling for Emefiele’s resignation or sack by the then President, Mr Muhammadu Buhari.

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

On June 9, 2023, President Tinubu suspended Mr Emefiele and days later, he was detained by the Department of State Security (DSS).

He is still currently in detention accused of conferring corrupt advantages on Mrs Sa’adatu Yaro, a director in April 1616 Investment Limited and CBN employee.

The offence is contrary to Section 19 of the Corrupt Practices and Other Related Offences Act 2000, which states that “Any public officer who uses his office or position to gratify or confer any corrupt or unfair advantage upon himself or any relation or associate of the public officer or any other public officer shall be guilty of an offence and shall on conviction be liable to imprisonment for five years without an option of fine.”

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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