Screening Of New CBN Governor Begins Tommorrow

The Senate will on Thursday (tomorrow) commence the process of screening of Mr. Godwin Emefiele as replacement for the suspended Governor of Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi.

The Senate has already scheduled the screening on its notice paper for Tuesday in a motion to be moved by Senate Leader, Victor Ndoma-Egba (SAN).

The motion would also pave the way for the screening of the Deputy Governor nominee, Mr.  Adelabu Adebayo Adekola.

In accordance with Senate Rules, the nominees would be screened by the Senate Committee on Banking and other Financial Institutions.

The motion contained in the Notice Paper reads:

“That the Senate do consider the request of Mr. President for the confirmation of the following nominees for appointments as Governor of the CBN and Deputy Governor of the CBN respectively, in accordance with section 8(1) and (2) of the CBN Act of 2007.”

The Senate also on Tuesday commenced the process of amending the CBN Act to remove the Governor as the chairman of the Board.

The bill, being sponsored by Senator Ita Enang also seeks to ensure that the CBN Governor would be answerable to the Board that would be appointed by the President.

The CBN Act amendment bill, which passed through the First Reading on Tuesday empowers the President to appoint any person of high integrity as chairman of the board subject to the confirmation of the Senate.

The bill also is seeking to remove the CBN Governor as the ultimate authority in the bank by proposing amendment to section 7(1) of the existing act which indicated that  the  CBN governor shall be in charge of the day to day management of the bank.

The bill however recognizes the CBN Governor as the head of administration and business of the bank  but shall be answerable to the board.

The Bill states that “The board shall consist of ‘The Chairman who shall be appointed by the President subject to confirmation by the Senate and shall be a person of proven integrity credited with expertise in financial regulation”.

This is contrary to the existing Act, which empowers the CBN Governor in Section 6(2) as the chairman of the Board.