Economy

Reps Amends CBN Act on Appointment of Governor

House of Representatives has passed a Bill for a second reading to add more stringent conditions for the appointment or cessation of appointments of the Governor of Central Bank of Nigeria, CBN, Deputy as well as Directors of the Bank.

The sponsor, Mr Sada Soli stated that the Bill seeks to amend the CBN Act 2007, to add more conditions to disqualification and appointment of Governor, Deputy Governor, or Director of the Central Bank of Nigeria.

According to the lawmaker, the amendment is not prejudiced against anybody but because the Act was tested and it was found weak, and therefore needed to be amended to strengthen the Apex Bank and restore its credibility from the shock it has suffered in the cause of interpreting the law.

“Why am I doing this? Because there was a time CBN Governor went to court seeking an interpretation of whether he can participate in partisan politics.

“We need to address that. Today the credibility of CBN in the custody of sensitive election material is being questioned. It’s not against any individual but to save the integrity of CBN”.

The Bill was later passed for second reading after a voice vote put by the Deputy Speaker, Ahmed Idris Wase who presided over the plenary.

Ibrahim Shehu/Daniel Adejo

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