The National Assembly is proposing amendments to the Central Bank of Nigeria Act 2007 to prevent top officials of the apex bank from engaging in partisan politics.
The bill, championed by former Senator Darlington Nwokocha, aims to prohibit the chairman, governor, and deputy governors of the CBN from political activities or membership in any political party for three years after leaving office.
The move comes after former CBN Governor Godwin Emefiele’s controversial entry into politics in the 2023 presidential election, which sparked tension in the polity. The amendment seeks to prevent similar situations in the future.
Key provisions of the bill include:
- Prohibiting CBN officials from political activities or party membership for three years after service
- Appointing CBN top executives for an initial five-year term, with possible reappointment for an additional five-year term
- Mandating the CBN Governor to report to the National Assembly semi-annually on monetary policy efforts, activities, and economic development prospects
- Establishing a new Board of Directors for the CBN, comprising a chairman, governor, five deputy governors, and non-executive directors, to ensure robust oversight and inject new expertise.
The amendment aims to promote accountability, transparency, and independence in the CBN’s operations, and prevent future political incursions.