The National Assembly aims to make changes to the Central Bank of Nigeria Act 2007 in order to prevent high-ranking officials of the apex bank from engaging in partisan politics.
Proposed by former legislator who previously represented Abia Central Senatorial District, Darlington Nwokocha, prior to his removal from office by an Appeals Court held in Lagos in 2023, the revision aims to prevent the chairman, governor, and deputy governors of the CBN from participating in political endeavors or affiliating with any political party for a period of three years following their term of service.
Godwin Emefiele, a former governor of the central bank, entered the political scene during the preparations for the 2023 presidential race. This occurred as a group took charge of obtaining the nomination forms for the All Progressives Congress on his behalf.
A portion (revised section 8) of the Amendment Bill 2023 for the Central Bank of Nigeria Act of 2007 states: “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 Chairman, Governor and Deputy Governors shall be appointed in the first instance for a term of five years and shall each be eligible for reappointment for another term not exceeding five years and no more
“Provided that, of the first five deputy governors to be so appointed, two shall in the first instance be appointed for three years and two shall in the first instance be appointed for four years.”