Senate seeks removal of  Financial Independence of CBN Governor

 

.Electoral Offences Bill to be ready for 2023 General Elections says Senate Panel

. Screens 19 REC of INEC

 

By Adekunle Adesuji

 

 

The Senate Tuesday , set machinery in motion for removal of Governor of the Central Bank Nigeria as Chairman of Board of  the Apex bank .

 

 

The CBN Act No. 7 of 2007 makes any incumbent  Governor of the Apex bank to also serve as Chairman of its Board.

 

 

But the Senate through a bill sponsored by Senator Umar Sadiq Suleiman ( APC Kwara North ) which scaled  second reading , seeks for appointment of a person other than a sitting CBN Governor to be the Chairman of the Board.

 

 

The Senate in the bill , also seeks to divest the Board of CBN , powers of determining and fixing salaries and allowances of its members and considering and approving the Annual Budget of the Bank .

 

 

Senator Umar in his lead debate on piece of legislation  titled: ”  “A bill for an Act to amend the Central Bank of Nigeria (CBN) Act No. 7 of 2007 to enable the appointment of a person other than the Governor as the Chairmen of the board”,  said Apex Banks across the globe have different persons as Chief Executive and Chairman of Board .

 

 

 

” This bill as clearly stated , seeks to divest the Governor of CBN , chairmanship of  the Board as obtainable in other countries of the world .

 

 

” A different person with requisite qualification and required knowledge on monetary and financial policies , should be made Chairman of the Board .

 

 

” Separation of the two positions will enable any sitting CBN Governor to focus more on fiscal and monetary policies than politics of the Institution”, he said.

 

 

Though Senators like James Manager ( PDP Delta South) , Orji Uzor Kalu ( APC Abia North ) , Enyinnaya Abaribe ( APGA Abia South) etc , opposed the bill but counter submissions made by Senator Jibrin Barau ( APC Kano North ) , Betty Apiafi ( PDP Rivers South ) etc , made the bill to scale second reading .

 

 

Senator Apiafi in particular said the  intended amendment was very necessary in view of the way the incumbent CBN governor , Godwin Emefiele , was branded as contestant for the Presidential ticket of the ruling All Progressives Congress ( APC ) in May this year.

 

 

“The CBN governor went out of his way to contest for presidency while in office in the 2022 presidential primary election.

 

 

“This would not happen anywhere in the world, given that the Independent National Electoral Commission (INEC) materials were expected to be kept in the bank.

 

 

 

“Godwin Emefiele having attempted to contest presidency has made Nigerians to lose confidence in the bank storing the INEC materials”, she said .

 

 

 

The Senate President, Ahmad Ibrahim Lawan, however, cautioned Senators to focus on the proposed amendment rather than dabbling into the alleged attempt by the CBN governor to contest as that wasn’t part of the general principles of the bill.

 

 

He thereafter , put the bill for voice votes for second reading which secured approval of majority of the Senators, making him to mandate the Senate Committee on Banking , Insurance and other Financial Institutions to work on it and report back in four weeks .

 

Meanwhile , The Senate Committee on Independent National Electoral Commission (INEC) has given assurance that the Electoral Offences bill ready for 2023 general elections .

The Chairman of the Committee, Senator Kabiru Gaya dropped the hint during the screening exercise of Residents Electoral Commission (REC) of Independent National Electoral Commission (INEC) on Tuesday..

 

This is even as the Committee screened the 19 nominees presented for confirmation by the President Muhammadu Buhari out of which of the nominees where for reappointment while fourteen are for new appointment.

 

But, petitions were submitted against the nomination of nominees of Muhammad Lawal Bashir , Pauline Onyeka Ugoch Elizabeth and Dr Oliver Teroso.

 

 

In his opening speech, the Chairman of the committee assured the committee is working round the clock to ensure that the Electoral body conducts credible Election in the 2023 as the Committee has already forwarded the Electoral Offences Bill to Technical Committee in the House of Representatives.

 

 

He said, ” The National Assembly is unwavering in making sure that the Independent National Electoral Commission success in its assignment.

 

 

” It will interest you to know that the National Electoral Offences Bill is presently being worked on by a technical Committee in the House of Representatives, the legislative intent is to ensure that INEC concentrates on the administration of elections , while Electoral offenders are brought to book to deter others and build a positive  electoral culture for our nation.”

 

 

Speaking on the preparation for 2023 general election, Gaya said that the preparation for the 2023 elections is in top gear adding that it is an opportunity to prepare Nigerians for social , political and economic elevation.

 

 

 

It could be recalled that in July ,  President Muhammadu Buhari transmitted the names of 19 nominees as Resident Electoral Commissioners of the Independent National Electoral Commission (INEC) to the Senate for confirmation.

 

 

The renewal nominees for confirmation are Ibrahim Abdullahi (Adamawa); Obo Effanga (Cross River); Umar Ibrahim (Taraba); Agboke Olaleke (Ogun); and Samuel Egwu (Kogi).

 

 

For the fresh appointment, the nominees are Onyeka Ugochi (Imo); Muhammad Bashir (Sokoto); Ayobami Salami, a professor, (Oyo); Zango Abdu (Katsina); Queen Agwu (Ebonyi); and Agundu Tersoo (Benue); Yomere Oritsemlebi (Delta); Yahaya Ibrahim, a professor, (Kaduna); Nura Ali (Kano); Agu Uchenna (Enugu); Ahmed Garki (FCT); Hudu Yunusa (Bauchi); Uzochukwu Chijioke, a professor, (Anambra); and Mohammed Nura (Yobe).