National Assembly to Ban CBN Governor From Political Partisanship

Nigeria's National Assembly building
Nigeria's National Assembly buildingVanguard

The National Assembly plans to amend the Central Bank of Nigeria (CBN) Act of 2007 to stop top officials from engaging in partisan politics.

This move, led by former Abia Central Senator Darlington Nwokocha, aims to prevent the CBN's chairman, governor, and deputy governors from joining political activities or parties for three years after leaving office.

This initiative comes after former CBN governor Godwin Emefiele got involved in politics before the 2023 presidential election, where a group obtained nomination forms for him from the All Progressives Congress.

His involvement, along with the controversial naira redesign under President Muhammadu Buhari, stirred political tensions.

The Senate now seeks to ensure that CBN officials remain politically neutral. The proposed amendment specifies that the Governor and Deputy Governors must have financial experience and will be appointed by the President with Senate approval.

They, along with the Chairman, cannot join any political party until three years after leaving office.

The bill also proposes that these top CBN officials serve an initial term of five years, with the possibility of one reappointment for another five years.

To ensure a smooth leadership transition, the first group of deputy governors will have staggered terms, with two serving three years and the other two serving four years.

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