Bill to ban CBN governor from partisan politics passes 2nd reading in Senate

The Senate on Wednesday passed for second reading a bill seeking to amend the Central Bank of Nigeria (CBN) Act to ban the serving governor of the apex bank from partisan politics.

The bill titled: “Central Bank of Nigeria (Establishment) (Amendment) Bill 2023” was sponsored by Senator Steve Karimi (APC – Kogi West), while the second one titled: “A Bill to amend the Central Bank of Nigeria Act 2007, and for matters connected therewith, 2023” was sponsored by Senator Darlington Nwokocha (LP – Abia Central).

NewsWireNGR reports that the former CBN governor, Godwin Emefiele, had attempted to run for the 2023 presidential primaries of the All Progressives Congress (APC) while in office, a development that attracted widespread condemnation.

Karimi in the explanatory memorandum of his Bill, said that it was aimed at amending the CBN Act to allow for greater accountability and transparency in running the Bank and to prohibit the use of foreign currency in local transactions in Nigeria.

He also proposed an amendment of section 9(2) of the  CBN Act reads: “Notwithstanding the Provisions of this Act or any written law in existence, the Governor and the Deputy Governor of the Bank shall not participate directly or indirectly in partisan politics, nor contest any election, during their tenure in office.”

Meanwhile, the House of Representatives last year passed a Bill after second reading to stop the Governor of the Central Bank of Nigeria (CBN) from participating in future elections in the country.

Rep. Sada Soli, the sponsor of the Bill at plenary in Abuja on Tuesday said that the bill would add more conditions to the disqualification and appointment of the Governor, Deputy Governor and Director of the CBN.

According to him, why I am doing this, is because there was a time the CBN Governor (Godwin Emefiele) went to court seeking an interpretation of whether he can participate in partisan politics.

“We need to address that. Today the credibility of CBN in the custody of sensitive election material is being questioned.

“It is not against any individual but to save the integrity of CBN.”