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N’Assembly proposes a three-year post office ban on political activities for CBN-gov and others

The National Assembly is seeking amendments to the Central Bank of Nigeria Act 2007 to bar top bank officials from party politics.

The amendment is championed by the ex-lawmaker representing Abia Central Senatorial District, Darlington Nwokocha before he was dismissed by an appellate court in Lagos in 2023, and seeks to ban the Chairman, Governor and Deputy Governors of the CBN to engage in political activities. or join a political party for three years after their service.

A section (amended section 8) of CBN Act 2007 (Amendment) Bill 2023 read: “The Governor and the Deputy Governors shall be persons of recognized financial experience and shall be appointed by the President, subject to confirmation by the Senate on such conditions. as set out in their respective letters of appointment.

“The chairman is also appointed by the president. The Speaker, the Governor and the Deputy Governors shall not participate or be members of a political party until three years after their withdrawal from office.”

The bill also proposed that the top executives of the CBN, the Chairman, Governor and Deputy Governor, would initially be appointed for a term of five years.

The bill read: “The Chairman, the Governor and the Deputy Governors shall be initially appointed for a term of five years and shall each be eligible for reappointment for a further term not exceeding five years and not longer:

“Provided that of the first five Deputy Governors so appointed, two shall be appointed initially for three years and two initially for four years.”

CBN Governor reports to NASS

The proposed law also seeks to promote accountability mechanisms of the CBN Governor by mandating bi-annual reports to Parliament.

These sessions should cover the broad spectrum of the CBN’s monetary policy efforts, activities, objectives and future economic development prospects.

CBN board

The amendment bill created a new Board of Directors for the bankers’ bank, aimed at injecting a new range of expertise and ensuring robust supervision.

The amendment further stated: “There shall be for the Bank a Board of Directors (referred to in this Act as “the Board”) which shall be responsible for the policies and general administration of the affairs and activities of the Bank.

“The Board of Directors shall consist of (a) a Chairman; who will be a renowned professional in the field of accounting, finance or economics, who has served as Chief Executive of a regulatory agency in Nigeria and has a deep understanding of the activities of the Central Bank of Nigeria in the course of its regulatory functions” , among others.

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