Emefiele: NASS begins move to stop Cardoso, other CBN officials from participating in politics

The National Assembly has commenced amendments to the Central Bank of Nigeria (CBN) Act 2007.

The amendment is seeking to stop top officials of the apex bank from taking part in partisan politics.

The amendment will stop chairman, governor, and deputy governors of the CBN from engaging in political activities or becoming members of any political party for three years after service.

Recall that former governor of the apex bank, Godwin Emefiele, was drafted into the political arena in the run-up to the 2023 presidential election.

The development generated tension in the polity, following the introduction of the infamous naira redesign at the twilight of the former President Muhammadu Buhari administration.

In a bid to stop such situation from repeating itself, the Senate now seeks to ban officials of the apex bank from further incursion into the political arena.

A part (amended section 8) of Central Bank of Nigeria Act 2007 (Amendment) Bill 2023 read, “The Governor and Deputy-Governors shall be persons of recognised financial experience and shall be appointed by the President, subject to confirmation by the Senate on such terms and conditions as may be set out in their respective letters of appointment.

“The Chairman shall also be appointed by the President. The Chairman, Governor and Deputy Governors shall not engage in or be a member of any political party until three (3) years after disengaging from office.”

The bill also proposed that the CBN’s top executives made up of the chairman, governor, and deputy governors, shall initially be appointed for a five-year term.

However, they may be reappointed for one additional term not exceeding five years.

A transitional clause stipulates varying terms for the initial deputy governors to facilitate a staggered leadership transition, with two appointed for three years and two for four years.