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ArticlesOPINION: Amending the central bank law to cure its governor's partisanship

OPINION: Amending the central bank law to cure its governor’s partisanship

This opinion article by Mr. Sesugh Akume raises perceived lack of rigour in legislative work using a proposed amendment to the CBN Act as an example. 

 

A member of the House of Representatives sponsored a bill to amend the Central Bank of Nigeria (CBN) Act, 2007 to expressly state that a CBN governor cannot participate in partisan politics.

Just that.

I mean, the CBN Act is already very clear that the CBN governor cannot do ANYTHING ELSE apart from their CBN work, to the extent that even statutory committees/roles s/he is to function in by virtue of the office must be by board approval.

It says even personal and charity activities must be approved by the board. It’s that serious!

Godwin Emefiele, the current CBN Governor, therefore, running for office can never be that the CBN Act has a lacuna with respect to that. No it doesn’t!

It’s a matter of enforcement, not a matter of the letter or the Act.

ALSO READ: Reps Move to Ban CBN Governor, Deputies, Directors from Partisan Politics

To be sure, the Act says CBN cannot lend to the FG beyond 5% of what the FG earned in the previous year, but it routinely lends above 50% since 2015 and has gone up to 80%!

Is this about the wording of the law too?

I’m tormented by the quality of legislation proposed in the National Assembly and those we have, plus the culture that enables this. I mean, I can’t imagine a US Rep or an MP looking at the CBN Act and that’d be the ONLY thing in it they see to amend.

Or to amend a law in reaction to what one individual did.

So when another does something we amend the next time to address that situation, not something holistic that covers future occurrences?!

How did we get to this level of such shallowness and lack of rigour or doing things properly, please?

And these people are very highly paid.

 

Sesugh Akume can be reached via sesugh.akume@gmail.com

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