House of Reps pass for second reading Bill to amend CBN Act

The House of Representatives on Tuesday at plenary passed for second reading A bill for an Act to Amend section 11 of the Central Bank of Nigeria, 2007 to add more conditions to disqualification, cessation of appointment as Governor,  Deputy Governor or director of the Bank and for Related Matters.

Sponsored by Hon.  Sada Soli lawmaker representing Jibiya/Kaita federal constituency of Katsina State, explained that this Bill seeks to amend section 11 of the Central Bank of Nigeria for more conditions to disqualify and appoint the Governor, Deputy Governor  or Director of the Central Bank of Nigeria.

“This amendment is no prejudice to anybody but because the Act was tested and it was found weak, and therefore we need to strengthen the Central Bank of Nigeria (CBN) 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 cause of interpreting the law, basically because of the absence of what I’m trying to amend.

“If members go through the small gazette of the law. Section 11 reads that a person shall not remain a Governor, Deputy Governor or director of the bank if he is a member of any federal or state legislative house. A director, officer or employee of any bank and other financial institutions act, the Governor, Deputy Governor and Director shall cease to hold office in the bank if he is (a) incapable of carrying out his duties, (b) convicted of any criminal offense, (c) guilty of any serious misconduct in relation to his duties under this act, (d) disqualified from practicing his profession in Nigeria, (e) becomes bankrupt. Then (e) in the act becomes (g) to add in the principal act by inserting a section 11 (f) “if he’s a member of a political party or a partisan, or involved in partisan politics.

“Why I am I doing this? Because there was a time CBN Governor went to court seeking for an interpretation whether he can participate on partisan politics. We need to address that. Today the credibility of CBN in custody of sensitive election material is being questioned. It’s not against any individual but to save the integrity of CBN.

The Section 11(2) of the Principal Act is amended by inserting a new (f) to read thus:

“(f) Is a member of a Political Party or involve in Partisan Politics.

This Bill may be cited as the Central Bank of Nigeria (Amendment) Bill, 2022.

Naijablitznews.com recalled that a Delta State High Court sitting in Kwale, Ndokwa West Local Government Area of the state had granted an order restraining the board of the Central Bank of Nigeria and the Independent National Electoral Commission from stopping the CBN Governor, Godwin Emiefel, from seeking an elective post.

Justice D.C. Maidoh granted the order on Thursday, March 12, following an application filed on May 5 in a suit with number HCR/38/2022, with Nkwo Augustine Eddiego as the applicant while the board of CBN and INEC were the defendants.
In the enrollment order, the applicant sought an interpretation and supremacy of the Constitution of the Federal Republic of Nigeria over the provision of Section 9 of the CBN Act, 2007 as amended
Granting the order, the court held that the applicant complied with order 39 of court rules, adding that the applicant also deposed to an affidavit of urgency.

“In the circumstances, in line with Order 39 Rule 3 of our rules, this motion is hereby granted,” the judge held.