Senate Passes Bills Prohibiting CBN Officials From Engaging In Politics

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In a recent session, the Senate considered and passed two bills aimed at prohibiting the Governor of the Central Bank of Nigeria (CBN) and the deputy governors of the apex bank from participating in political activities. This decision comes 17 months after former CBN Governor Godwin Emefiele faced controversy for allegedly accepting N100 Million worth of presidential nomination forms from a group of rice farmers.

The bills, proposed by Senators Sunday Karimi and Darlington Nwokocha, both passed their second reading during the Senate’s plenary session. During the discussions, lawmakers suggested further amending Section 9 of the CBN Act to prevent CBN officials from engaging in politics while in office. Additionally, they proposed that the bill should also cover the Auditor-General of the Federation, Chairmen of the Federal Inland Revenue Service (FIRS), and Chartered Institute of Bankers in Nigeria (CIBN) on the CBN board.

However, Senator Adams Oshiomhole opposed the bill, arguing that it was the lack of governance and the failure to enforce existing laws that led to the Emefiele controversy. Karimi defended his bill, stating that it would enhance transparency and accountability within the CBN. He also proposed an amendment to prohibit the use of foreign currency in local transactions.

The Deputy Senate President, Jibrin Barau, presiding over the session, instructed the Senate Committee on Banking and Finance to report on the CBN Amendment Bill within two weeks.

 

 

 

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