RECENTLY, President Bola Tinubu nominated Dr Yemi Cardoso as the Central Bank of Nigeria (CBN) governor and four other deputy governors, namely Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor and Bala M. Bello, for a term of five years at the first instance, pending their confirmation by the Senate.
The announcement roused many reactions, questioning the status of suspended CBN governor, Godwin Emefiele and the non-expiration of the deputy governors’ tenure.
Section 11 of the CBN Act 2007 states that the governor and deputy governor of the bank can only cease to hold office due to ill-health, if convicted of any criminal offence by a court of competent jurisdiction, guilty of serious misconduct about his duties, disqualified from practising his profession in Nigeria; become bankrupt; or is removed by the president provided that a two-thirds majority of the senate supports the removal.
Meanwhile, the Act further stated that the governor can resign his office by giving at least three months’ notice, while deputy governors will provide a month’s notice.
On Friday, September 22, the CBN issued a circular announcing Dr Cardoso as the acting CBN governor and Deputy Governor-designate in acting capacities, sequel to the formal resignation of the former governor and deputy governors.
The nominated persons are assuming the acting position pending the Senate confirmation.
Analysts believe that whereas the intents are necessary for long-desired reforms of the banking regulator to sanitise the country’s financial system, the approach and the haste of execution raise a few questions.
“Has the former CBN governor truly resigned? When did the erstwhile CBN governor and deputies resign, and under what conditions? Will appointing a new governor and deputy governors simultaneously not distort the institutional succession plan? Is the reform even a change of mission or guards?”
A spokesman for Peoples Democratic Party (PDP), Umar Sani, said there is a grave concern over the proprietary or otherwise of these appointments.
According to him, the CBN governor enjoys statutory protection, adding that the CBN Act 2007, CBN Amendment Decree 1998, and the 1999 constitution are clear and unambiguous as to the appointment and removal of the CBN governor.
He observed that Section 11. (1) of the CBN Act says that a person shall not remain a governor, deputy governor, or Director if “(A) he is removed by the President: Provided that the removal of the governor shall be supported by a two-thirds majority of the Senate praying that he be so removed.
“Emefiele is yet to be removed as provided for in our extant laws and the deputy governors were unilaterally removed without recourse to the National Assembly. When GEJ suspended SLS as the CBN governor, it was on the recommendation of the Financial Reporting Council of Nigeria, He remained suspended until his tenure elapsed. A lady deputy governor acted in such a capacity until the coming of Emefiele. Has the law changed to allow the president to remove them without recourse to the Senate or what is happening?”
Sani insists that things must be done rightly now as the letter reads, adding that there can’t be screening and confirmation of new nominees while the subsisting persons have not been lawfully discharged.
Also, an X (formerly Twitter) user Brother Barth (@brotherbarth) wrote that Nigerians are not aware that the CBN Governor Goodwin Emefiele has resigned, adding that it is also known as today, that the president has not approached the Senate to seek two-third majority approval to sack Emefiele.
“Emefiele has not been convicted of any crime by any court of competent jurisdiction. The president cannot present a CBN governor nominee to Senate for approval unless there is vacancy in that office,” he said.
“The President cannot be sure that the Senate will clear and approve the nominee he sends to it. It therefore quite surprising and suspicious as to why the haste by the President to name a CBN Governor nominee at this time, and to find notable Nigerians and close allies to the President and members of the ruling party, APC like the Governor of Lagos State Babajide Sanwo-olu congratulating a CBN Governor nominee as if he’s aware that the Senate must clear him when the time comes,” he stated.
Barth wondered all these are to intimidate Mr Emefiele and let him know that its all over for him, or intended to coerce Emefiele to voluntarily resign if he is assured that charges against him will be dropped.
He raised further questions:
“Could it be a means of administrative and institutional intimidation of stakeholders/businesses that are influenced by monetary policies in Nigeria? Could it have anything to do with arm twisting the Senate to have no option but clear Dr Cardoso when the time comes?
“Or is it an indication that the Senate leadership is already part of whatever plot that is going on? Could it have anything to do with influencing the judgement of the Supreme Court in the Presidential elections petitions?
“Is there any bearing with playing a role in influencing the dynamics of a Presidential re-run election if the Supreme Court so orders? Could it be an indication of a ‘first interest’ in case ethnicity and other interests arise in advocating for where the next CBN Governor should come from?
“It could be anything except a ‘hit-the-ground-running’ expediency, because replacement of CBN Governor is a matter of regulations and statutes that must be strictly followed. No one says the President should not have nominee in mind, but to make such public, and have your inner circle members congratulate him is very suspicious,” Barth tweeted.
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