The National Assembly of Nigeria is pushing forward with significant amendments to the Central Bank of Nigeria Act 2007, aiming to strengthen the non-partisan status of the bank’s top officials. The proposed changes, initially spearheaded by former lawmaker Darlington Nwokocha of Abia Central Senatorial District, seek to prevent the chairman, governor, and deputy governors of the CBN from engaging in political activities or joining political parties for three years post-tenure.
This legislative move follows the controversial political involvement of Godwin Emefiele, a former CBN governor, during the 2023 presidential elections. Emefiele’s entry into politics coincided with the contentious naira redesign policy implemented under former President Muhammadu Buhari’s administration, sparking widespread debate and concern over the impartiality of the apex bank’s leadership.
The amendment bill stipulates that the CBN’s top executives be appointed for a five-year term, with the possibility of one reappointment. It also introduces a staggered leadership transition for deputy governors, assigning varied initial terms to ensure continuity and stability.
Moreover, the bill enhances the accountability of the CBN governor by requiring semi-annual reports to the National Assembly. These sessions will discuss the bank’s monetary policy actions, objectives, and projections for economic development.
A newly proposed Board of Directors is also part of the amendment, designed to diversify the expertise overseeing the bank’s operations and ensure rigorous governance standards.
