- 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.
Legit.ng 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.
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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.
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.
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.