Senate sack CBN governor, Godwin Emefiele during plenary, fresh details emerge

  • The Senate has reached a resolution to remove CBN governor, Godwin Emefiele as chairman of the board
  • The new bill will also see a reduction in his authority as he will no longer be in charge of approving salaries and allowances or board members
  • The bill was sponsored by Senator Sadiq Suleiman Umar (APC, Kwara North) despite previous attempts by some senators to stop the bill

FCT, Abuja The upper echelon of the national assembly has passed a bill for the removal of the Governor of the Central Bank, Godwin Emefiele as the chairman of the bank’s board.

As reported by Premium Times, the bill was sponsored by Senator Sadiq Suleiman Umar (APC, Kwara North), seeking a review of the CBN act which allot enormous power to the CBN governor.

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Senate, CBN, Godwin Emefiele
The new bill seeking the removal of CBN governor, Godwin Emefiele as the Bank’s board chairman will also reduce his power. Photo: NASS
Source: Twitter gathered that the Senate reached a resolution that concludes that whoever takes over the helm of affairs as chairman of the board will be a neutral entity.

The new bill also contains some changes that will reduce the power of the CBN governor in aspects of fixing salaries and allowances of the board members as well as approval of CBN’s annual budget.

What the law says

The current CBN Act as contained in No. 7 of 2007 gives liberty to the CBN to serve a dual role as the governor and chairman of the board simultaneously.

It was also gathered that prior to the passage of the new bill, some senators in the red chamber pushed for the cancellation of the bill.

The bill was said to have been in motion after the conclusion of primary elections across the federation.

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Credible sources reveal reasons APC indefinitely suspended its campaign kick-off

During the build-up to the primary election, there were insinuations that the CBN governor, Godwin Emefiele joined partisan politics vying for the presidential seat under the flagship of the ruling All Progressive Congress (APC).

House of Reps adjourns plenary abruptly over power failure

Elsewhere at the lower chamber of the national assembly, the plenary was halted due to the absence of power supply.

Following the power failure, Speaker Femi Gbajabiamila was left with no other option than to call for an adjournment.

Meanwhile, the lawmakers scrambled to exit the chamber while using their phones as torchlights to find their way through the darkness that engulfed the entire chamber.


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