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Bill to Separate the Office of CBN Governor and Chairman Board of CBN Scales Second Reading in Nigerian Senate

A Bill to separate the Office of the CBN governor and the office of the Chairman of the Board of the Central Bank of Nigeria has scaled second Reading at the Nigerian Senate.

The Bill sponsored by Senator Sadiq Suleiman Umar representing Kwara North Senatorial district seeks to amend the CBN Act No.7 to enable the Appointment of a person other than the CBN Governor as the Chairman of the Board.

However, before the Bill was read for the second time, some lawmakers challenged the Bill for amplifying sentiments against the CBN Governor rather than aligning with global best practices.

Senator SADIQ UMAR presents a Bill to alter the provisions of the CBN ACT No.7 which will require a fresh appointment for the office of the chairman of the CBN BOARD separate from that of the CBN Governor.

The Bill proposes that the new Chairman of the Board of the Central Bank will have powers to determine salaries and allowances of members while the Governor focuses strictly on administrative duties in running the affairs of the Apex Bank.

Lawmakers in their separate contributions had mixed reactions to the bill, some were in favour while others were against bill.

Some said this amendment had become necessary because the office of the CBN Governor has been compromised due to Godwin Emefiele’s involvement in partisan politics.

At the height of the arguments, the Bill was put to a voice vote and the AYES resounded loudly.

The bill scaled second reading and will be passed to the desk of the relevant Senate Committee for a public hearing and further Legislative action.

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