Proposed Amendment Aims to Curtail Political Engagement of CBN Officials
A proposed amendment to the Central Bank of Nigeria (CBN) Act 2007 seeks to curb the involvement of high-ranking officials of the apex bank in partisan politics. Spearheaded by former legislator Darlington Nwokocha, the revision aims to impose a three-year ban on the chairman, governor, and deputy governors of the CBN from engaging in political activities or affiliations upon the completion of their terms of service.
The proposed amendment comes in the wake of concerns surrounding the entry of former CBN governor Godwin Emefiele into the political arena ahead of the 2023 presidential race. Emefiele’s purported involvement in partisan politics has sparked debates over the need to regulate the political engagements of senior CBN officials to ensure the neutrality and independence of the central bank.
Section 8 of the Amendment Bill 2023 for the Central Bank of Nigeria Act of 2007 outlines the proposed changes, stating: “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.”
Furthermore, the amendment bill specifies the appointment process for the chairman, governor, and deputy governors of the CBN, emphasizing the need for recognized financial expertise and experience. It also outlines the terms of appointment and reappointment for these officials, ensuring a balance between continuity and accountability within the institution.
The proposed amendment reflects a broader effort to uphold the integrity and impartiality of key institutions in Nigeria’s financial and governance landscape. By imposing restrictions on the political engagements of CBN officials, lawmakers aim to safeguard the central bank’s autonomy and ensure its effectiveness in fulfilling its mandate of monetary policy formulation and implementation.
As the proposed amendment makes its way through the legislative process, stakeholders are closely monitoring developments and engaging in discussions on the implications of the proposed changes. Ultimately, the goal is to strike a balance between accountability and independence in the governance of the CBN, thereby contributing to the stability and prosperity of Nigeria’s economy.
