The Senate on Wednesday considered two bills seeking to ban the Governor of the Central Bank of Nigeria (CBN) and Deputy Governors of the apex bank from participating in politics.

The bill, If passed, would create trust between the CBN and Nigerians, and allow the apex bank to carry out its constitutional responsibilities without political interference.

It would be recalled that during the last electioneering period in Nigeria, one of the reasons the CBN gave in for changing the features of 200, 500, and 1,000 Naira notes, leading to Naira scarcity was that the bank was on an anti-corruption crusade to frustrate vote-buying ahead of the election.

According to Emefiele, he had gotten the approval of the immediate past president, Muhammadu Buhari to embark on such a policy which hurt the citizens.

It Is also worthy of note that such a move by Emefiele forced the majority of the citizens to withdraw their support for any policy coming from the CBN due to a breach of trust.

A truly Independent CBN will be able to make decisions that positively affect the country alone without considering the interests of politicians and political parties.

However, the Senate passed them after the consideration of two similar bills sponsored by Sunday Karimi, the lawmaker representing Kogi West Senatorial District and Darlington Nwokocha, the lawmaker representing Abia Central Senatorial District.

During the debates on the bills, the lawmakers proposed that Section 9 be further amended to insulate the CBN governor and deputies from participating in politics while in service.

Both senators equally proposed that the Auditor-General of the Federation, Chairmen of the Federal Inland Revenue Service (FIRS) and Chartered Institute of Bankers in Nigeria (CIBN) be represented on the board of the CBN.

Senator Adams Oshiomhole from Edo North Senatorial District, however, opposed the second reading of the bill, arguing that the case of Emefiele, which was the case in reference was a consequence of the absence of governance and the will to enforce the extant laws.

The Deputy Senate President, Jibrin Barau, therefore gave the Senate Committee on Banking and Finance two weeks to report back on the CBN Amendment Bill.

This is coming 17 months after the presidential Nomination and Expression of Interest forms of the All Progressives Congress (APC) were purchased for Emefiele.

The situation ignited negative reactions from the public, with many Nigerians and groups calling for Emefiele’s resignation or sack by the then President, Muhammadu Buhari.

Despite the outcry, Emefiele maintained his position as the CBN governor until Buhari completed his tenure as President and handed over to his successor, President Bola Tinubu.

Coming on board, Tinubu embarked on reforms in the financial sector by suspending Emefiele from office as well as prosecuting him in court. (New Telegraph)

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