The National Assembly is spearheading amendments to the Central Bank of Nigeria Act 2007, aiming to restrict top officials of the apex bank from engaging in partisan politics. Championed by former lawmaker Darlington Nwokocha, the proposed amendment seeks to impose a three-year post-service ban on the Chairman, Governor, and Deputy Governors of the CBN from participating in political activities or joining any political party.
An excerpt from the CBN Act 2007 (Amendment) Bill 2023 states, “The chairman, governor and deputy governors shall not engage in or be a member of any political party until three years after disengaging from office.” Additionally, the bill proposes that these top executives be initially appointed for a five-year term, with the possibility of reappointment for another term not exceeding five years.
Furthermore, the proposed law mandates the CBN Governor to provide semi-annual reports to the National Assembly, enhancing accountability and transparency. These reports would cover the CBN’s monetary policy efforts, activities, objectives, and future economic development prospects.
The amendment bill also introduces a new Board of Directors for the CBN, aimed at diversifying expertise and ensuring robust oversight. The Board would consist of a Chairman, who must be a renowned professional in Accounting, Finance, or Economics, with prior experience as a Chief Executive of a regulatory agency in Nigeria and deep insight into the operations of the CBN.