The House of Representatives has passed for second reading “a bill for an Act to amend section 11 of the Central Bank of Nigeria, CBN 2007.
The bill seeks to bar the Governor, Deputy Governors or Directors of the Apex bank from partisan politics.
It would add more conditions to disqualification and appointment of Governor, Deputy Governor and Director of the CBN.
The Sponsor of the bill, Sada Soli said;
“This amendment is no prejudice to anybody but because the Act was tested and it was found weak, and therefore we need to strengthen the Central Bank of Nigeria (CBN) as the lender of last resort, the bank of federal republic of Nigeria to restore its credibility from the shock it has suffered in the cause of interpreting the law, basically because of the absence of what I’m trying to amend.”
He said; “If members go through the small gazette of the law. Section 11 reads that a person shall not remain a Governor, Deputy Governor or director of the bank if he is a member of any federal or state legislative house. A director, officer or employee of any bank and other financial institutions act, the Governor, Deputy Governor and Director shall cease to hold office in the bank if he is (a) incapable of carrying out his duties, (b) convicted of any criminal offense, (c) guilty of any serious misconduct in relation to his duties under this act, (d) disqualified from practicing his profession in Nigeria, (e) becomes bankrupt. Then (e) in the act becomes (g) to add in the principal act by inserting a section 11 (f) “if he’s a member of a political party or a partisan, or involved in partisan politics.
“Why I am I doing this? Because there was a time the CBN Governor went to court seeking for an interpretation whether he can participate on partisan politics. We need to address that. Today the credibility of CBN in custody of sensitive election material is being questioned. It’s not against any individual but to save the integrity of CBN,” the lawmaker explained.
The Section 11(2) of the Principal Act is amended by inserting a new (f) to read thus:
“(f) Is a member of a Political Party or involve in Partisan Politics.
“This Bill may be cited as the Central Bank of Nigeria (Amendment) Bill, 2022.”
VON