In an effort to prevent top central bank officials from engaging in partisan politics, the National Assembly is seeking to modify the Central Bank of Nigeria Act of 2007.
For three years following their tenure, the amendment aims to forbid the chairman, governor, and deputy governors of the CBN from participating in political activity or joining any political party.
Darlington Nwokocha, the former member for the Abia Central Senatorial District, supported it until an Appeal Court in Lagos dismissed him from office in 2023.
It will be remembered that Godwin Emefiele, a former governor of the Apex Bank, was drawn into politics ahead of the 2023 presidential contest when a group secured the All Progressives Congress’ intention and nomination forms for him.
Following the implementation of the controversial naira redesign in the latter stages of the previous President Muhammadu Buhari administration, the development caused conflict in the political arena.
The Senate attempted to prevent representatives of the top bank from entering politics in an effort to halt this kind of growth.
“The Governor and Deputy-Governors shall be persons of recognized 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,” stated a portion of the Central Bank of Nigeria Act 2007 (Amendment) Bill 2023 (amended section 8).
The President will appoint the Chairman as well. Three (3) years after leaving office, the Chairman, the Governor, and the Deputy Governors are not permitted to participate in politics or become members of any political party.
