National Assembly Proposes Three-Year Post-Office Ban on Political Activities for CBN Gov, Others

The National Assembly has put forth amendments to the Central Bank of Nigeria Act 2007, with the aim of prohibiting top officials of the apex bank from engaging in partisan politics.

Originally championed by former lawmaker Darlington Nwokocha, representing Abia Central Senatorial District until his removal from office by an Appeal Court in Lagos in 2023, the proposed amendment seeks to prevent the Chairman, Governor, and Deputy Governors of the CBN from participating in political activities or affiliating with any political party for a period of three years following their service.

A section of the CBN Act 2007 (Amendment) Bill 2023 states, “The 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 suggests that the top executives of the CBN should serve an initial term of five years, with the possibility of reappointment for another term not exceeding five years.

The proposed legislation also mandates semi-annual reports from the CBN Governor to the parliament, covering various aspects of the bank’s monetary policy efforts, activities, objectives, and future economic development prospects.

Furthermore, the Amendment Bill introduces a new Board of Directors for the Central Bank, aimed at enhancing oversight and injecting a diverse range of expertise into the bank’s operations. The Board composition includes a Chairman with a background in Accounting, Finance, or Economics, who has served as a Chief Executive of a regulatory agency in Nigeria and possesses deep insight into the operations of the CBN.