It is cheery to note that the House of Representatives has begun the process of disqualifying politicians and persons with political affiliations from taking leadership positions in the Central Bank of Nigeria.
Serving top officials of the apex bank will also be barred from politics.
This is being proposed in the Central Bank of Nigeria (Amendment) Bill, 2022, which is seeking to amend the Central Bank of Nigeria Act 2007, which passed second reading at the plenary last Tuesday.
The legislation is titled ‘A Bill for an Act to Amend Section 11 of the Central Bank of Nigeria, Act 2007 to Add More Conditions for Disqualification and Cessation of Appointment as Governor, Deputy Governor or Director of the Bank; and for Related Matters.’
The bill is particularly seeking to amend Section 11(2) of the CBN Act by inserting a new Paragraph (f) to read thus: “(f) Is a member of a political party or involved in partisan politics.”
Criticisms had trailed the affiliation of the current Governor of CBN, Godwin Emefiele, with the ruling All Progressives Congress, where he aspired to run for president.
Sponsor of the bill, Sada Soli (APC, Katsina), while leading debate on the legislation, noted that the Central Bank of Nigeria Act 2007 is the legal instrument that establishes the Central Bank of Nigeria and the office of the CBN governor. He also noted that by virtue of Section 7 and 8 of the Act, the CBN is answerable to the President, the National Assembly and the apex bank’s Board of Directors.
The lawmaker further noted that Section 11 of the CBN Act 2007 provides the conditions under which the Governor of the CBN shall cease to act in that capacity.
He said, “According to Section 11(2) (a)-(f), there is no mention as related to the political parties or partisan politics of the governor of the CBN or its directors. Therefore, we need to add to the principal Act by inserting a new Section 11(2)(f) to read thus: ‘is a member of a political party or involved in partisan politics.’
“These changes will enable any person who is interested in partisan politics to cease as the Governor of the Central Bank and this will give more honour to the position of the CBN governor, deputy governor and director.”
“We commend the bill by Soli to insulate CBN chiefs from partisan politics. The Governor of the apex bank in the country should not be eligible to contest for any election or participate in politics”
Soli stated in part, “This amendment is no prejudice to anybody but because the Act was tested and it was found weak. Therefore, we need to strengthen the Central Bank of Nigeria as the lender of last resort, the Bank of Federal Republic of Nigeria, to restore its credibility from the shock it has suffered in the course of interpreting the law, basically because of the absence of what I’m trying to amend.”
On May 23, 2022, Emefiele withdrew his suit seeking the determination of his right to participate in the 2023 presidential election.
Emefiele had dragged the Independent National Electoral Commission and the Attorney General of the Federation to the Federal High Court in Abuja, over fears that the two defendants were likely going to prevent him from participating in the processes leading to the 2023 presidential poll based on Section 84(12) of the Electoral Act, 2022, which barred political appointees except they resigned from office 30 days to the congresses and conventions of political parties.
He had, amongst others, approached the Federal High Court for an order restraining the defendants from preventing or hindering his participation in the process of the presidential election slated for February next year.
He had expressed fear that any political party he chooses to affiliate with in pursuit of his political ambition may disqualify him based on the provisions of Section 84 (12) of the Electoral Act, 2022, which had barred political appointees from participating in the congresses and conventions of political parties unless the resigned 30 days to such conventions and congresses.
Specifically, he had argued that by virtue of being a public servant, he cannot be barred from participating in the political primaries of political parties by Section 84 (12) of the Electoral Act, 2022.
He had also submitted that Constitutional provisions stipulated that he could only resign his appointment as Governor of CBN 30 days before the presidential election which he is interested in contesting.
In any civilised democracy, where the norms of political integrity and public ethics prevail, Emefiele would have been made to resign his appointment.
Emefiele has been utterly compromised as CBN governor, being a registered member of a political party, with known political ambitions. Elsewhere, he won’t keep the job. He must resign or be sacked.
What Emefiele did are not minor indiscretions. He plumbed new depths in undermining integrity in public life, in damaging the fabrics of politics and democracy in Nigeria.
The first step towards sanitising politics and democracy in Nigeria is a critical mass of enlightened and active citizens who can act as a bulwark against bad political behaviours, and who can swiftly reject ignoble political behaviours such as Emefiele displayed with impunity.
The most striking thing about him is his sheer arrogance and self-indulgence. Despite constantly invoking God, he lacks sound judgment and moral rectitude. How could someone with “35 years of banking leadership” not see the utter incongruence between being a sitting central bank governor and a presidential aspirant?
Leaving aside his role in the management of Nigeria’s economy, it was inappropriate for him to run for president as a sitting CBN governor, given the constraints of the CBN Act, the Public Service Rules and the fact that sensitive election materials are stored with the CBN.
Yet, Emefiele was so determined to run for the 2023 presidency that he rushed to the court, seeking relief to join the contest for the APC’s presidential ticket while serving as CBN governor.
We commend the bill by Soli to insulate CBN chiefs from partisan politics. The Governor of the apex bank in the country should not be eligible to contest for any election or participate in politics.
By the provisions of the Central Bank of Nigeria Act, he should be statutorily barred from participating in politics or engaging in any other business for that matter.
