The National Assembly is pushing for revisions to the Central Bank of Nigeria Act 2007, aimed at preventing top officials of the apex bank from engaging in partisan politics.
Initiated by former Abia Central Senator, Darlington Nwokocha, before his ousting by an Appeal Court in Lagos in 2023, the amendment seeks to bar the Chairman, Governor, and Deputy Governors of the CBN from political involvement or party membership for three years post-service.
A portion of the amended section 8 of the CBN Act 2007 (Amendment) Bill 2023 states, “The Governor and Deputy-Governors shall possess recognized financial expertise and shall be appointed by the President, subject to Senate confirmation, with terms specified in their appointment letters.
“The chairman shall also be appointed by the President. The chairman, governor, and deputy governors shall refrain from political affiliation until three years after leaving office.”
The bill also proposes initial appointments of the CBN’s top executives, each for a five-year term, with the possibility of reappointment for another term.
Moreover, the proposed law mandates the CBN Governor to report to the National Assembly semi-annually, ensuring transparency and accountability regarding the bank’s monetary policies and economic development objectives.
Additionally, the amendment establishes a new Board of Directors for the CBN, comprising professionals with expertise in accounting, finance, or economics, ensuring effective oversight and administration of the bank’s affairs.
