National
Senate Moves To Ban CBN Governor, Deputies From Partisan Politics
The Senate has commenced a move to ban the Governor of the Central Bank of Nigeria (CBN) and the Deputies from participating in partisan politics.
This is coming just as the senate has passed two bills into second reading, seeking to bar the CBN governor and the Deputies from partisanship.
The bills were sponsored by the Senator representing Kogi West, Sunday Karimi and his counterpart from Abia Central, Darlington Nwaokocha.
During the debates on the bills, the lawmakers proposed that Section 9 of the CBN Act be amended to insulate the CBN Governor and the Deputies from participating in politics while in service.
The two legislators also proposed that the Auditor-General of the Federation, Chairmen of the Federal Inland Revenue Service (FIRS) and the Chartered Institute of Bankers in Nigeria (CIBN) be represented on the board of the CBN.
Presenting his lead debate, Nwaokocha said the Bill would ensure that the banking system was repositioned to play its primary role of financial intermediation for the benefit of investments and economic growth in Nigeria.
He said: “Mr. President. Distinguished Colleagues, permit me to lead the debate on the general principles for the amendment of the Central Bank of Nigeria Act, 2007. This Bill was read for the First Time in this Hallowed Chamber on Tuesday, 10th October, 2023.
“This Bill seeks to amend Sections 6(1), (2); 8(1) (2) (3) (4) (5), 12 (1) (2) (3),13 (1)(2) (3) (4) and paragraph 8 of the first schedule to the Act to strengthen the Bank and make provision for the appointment of a chairman of the board, provide for responsibility to quicken and deepen execution of the Bank’s mandate. This Bill seek to address all anomalies that has hindered the advancement of the apex bank to handle the ailing economy of our nation.
“Mr. President, Distinguished Colleagues, the thrust of this amendment is to create a people-centered central bank by delivery price and financial system stability and promoting sustainable economic development. As the nation grapples with economic issues, we need to reposition the CBN to grow the economy, regulate the exchange rate and unauthorized financial transactions and dollarizing the economy.
“This Bill seeks to provide for among other things: separate the head of Management from the head of the governing Board in line with national and international good corporate governance practices;
“Establish a proper governance architecture for the monetary authority for optimal policy and operational effectiveness; Enshrine real-time controls and effective accountability in the conduct of central banking in Nigeria
“Reposition the CBN towards pursuit and advancement of its core mandates given the Bank’s pivotal role in the economy; and 44) Position the CBN as an apolitical entity that will become a worthy example in national and international monetary policy, banking sector regulation, currency management, and supervision.
“Mr. President, Distinguished Colleagues, Specific ways of achieving the above objectives contained in the Amendments being sought is to: Establish the position of the Chairman of the Board of the CBN with cognate qualifications and experience suitable for achieving the renewed objectives of the Bank;
“Establish an effective and efficient Board for the CBN with enhanced independence and neutrality for comprehensive policy and operational Board oversight; Provide for an additional position of a Deputy Governor to achieve due balance in geo-political representation of all zones comprising Nigeria and robust engagements in the administration and policy of the CBN;
“Guarantee internal and parliamentary oversight besides credible accountability to the Nigerian people; and clearly emphasize the ubiquity of Financial Reporting and Corporate Governance as key responsibilities of the Board and Management of the CBN.”
However, in his contribution, Senator Adams Oshiomhole, opposed the second reading of the bill, arguing that the case of the immediate past Governor of the CBN, Godwin Emefiele, which was the case in reference was a consequence of the absence of governance and the will to enforce the extant laws.
The Deputy President of the Senate, Senator Barau Jibrin, who presided the plenary, said: “It is important that we reposition our laws and the CBN Act to make sure that the apex bank is put in the best position to perform its function.
“An integral part of the arrangement of every country is making sure that every country has a Central bank that will be in control of its monetary policies, because if one is not able to get right there, then that will be something that will be described as catastrophic.
So, the two bills that are been brought to the Senate are commendable and the robust debates that took place showed the passion in the minds of every Senator here in making sure that all is done to put the apex bank in the best position to perform its function in a way that the country’s interest will be well protected.
Accordingly, Barau referred the bill to the Senate Committee on Banking, for further legislative input and to report back to the Chamber within two weeks.
By Abubakar Yunusa
The Dangote Petroleum Refinery has further reduced the ex-gantry price of premium motor spirit (PMS), also known as petrol, to N835 per litre.
According to sources at the refinery, the plant dropped the price of the petrol sold to oil marketers to N835 per litre, six days after the refinery reduced it to N865 per litre.
“The refinery reduced the price of the petrol to N835 per litre,” a source told TheCable.
The reduction in Dangote petrol price followed an announcement by the federal government on April 9, that the naira-for-crude oil deal will continue after the first phase ended on March 31.
“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC),” the finance ministry said.
“Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”
On April 15, Farouk Ahmed, chief executive officer (CEO) of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), said the estimated pump price of petrol in Nigeria is less than that of neighbouring countries in West Africa.
Ahmed also said Nigeria’s petrol importation reduced by 29.9 million litres in eight months due to increased contributions from local refineries.
Three suspected herdsmen have been arrested following the attacks that led to the killing of 11 persons at Otobi community in Otupko local government by suspected herdsmen.
Governor Hyacinth Alia disclosed this on Wednesday while briefing journalists at the Government House in Makurdi, the state capital.
He expressed worry over the situation and called on security agencies to track down the perpetrators.
According to Alia, National Security Advisor, Nuhu Ribadu, has promised to deploy more security assets to the State to arrest the renewed wave of attacks in the state, especially the Otukpo axis.
The governor also announced the deployment of security personnel to the affected area, with three suspected herdsmen arrested in connection with the Otobi killings.
According to the member representing Otukpo-Akpa Constituency in the Benue State House of Assembly, Kennedy Angbo, nine corpses were recovered Tuesday night, followed by one in a hard-to-reach area later that evening.
By dawn Wednesday, other corpses were found, bringing the total number of fatalities to 11.
The attack has sent shockwaves through the state, particularly because the Otobi community—home to the Federal Ministry of Water Resources Multipurpose Dam—has now come under assault twice this April.
A security guard was previously killed at the dam site just days before this latest massacre.
Earlier, the governor sent his deputy, Samuel Ode, on an assessment tour to the devastated community.
He offered condolences to the grieving families and reassured residents of the state government’s commitment to tackling the spate of violent attacks across rural areas.
Ode also made some cash donations to carter for some immediate relief while the state emergency management agency has been tasked to move in for needs assessment and provide emergency response to those in need.
The attack on Otobi is the latest in a disturbing string of assaults along the Otukpo-Ado Road, from Okpamaju to Asa One and Asa Two down to the Ebonyi State border.
At least 15 million Nigerians are at risk of flood disasters in 2025, Vice President Kashim Shettima has disclosed.
He made the disclosure at the commencement of a one-day Validation Workshop on the Anticipatory Action Framework for Nigeria held at the National Counter Terrorism Centre in the Office of the National Security Adviser Abuja on Wednesday.
The Vice President, however, said the Federal Government is taking a proactive approach as against a reactive approach to forestall the disaster.
He emphasized the need for collaboration among all the agencies of government at the states and Federal Government level to tackle floods and other disasters in the country.
Some of Maiduguri communities submerged in flood following a leak in the Alau Dam in 2024.
VP Shettima decried that Nigeria loses 5 per cent of its Gross Domestic Product (GDP) to floods.
However, he disclosed that President Bola Tinubu has approved the sum of N15 billion to be released for emergency responses.
The Vice President, who also condemned the recent heinous attacks in Plateau state, expressed the sympathy of President Bola Tinubu to the affected families.
He, however, advocated a non-kinetic approach to tackling the security challenges on the Plateau and North-East.
According to him, “There can never be a military solution to the crisis in Plateau, North-East.”
Last week, the Federal Government predicted heavy rains and floods in 30 states and the Federal Capital Territory (FCT), Abuja.
The high-flood risk states are: Abia, Adamawa, Akwa Ibom, Anambra, Bauchi, Bayelsa, Benue, Borno, Cross-River, Delta, Ebonyi, Edo, Gombe, Imo, Jigawa, Kebbi, Kogi, Kwara, Lagos, Nasarawa, Niger, Ogun, Ondo, Osun, Oyo, Rivers, Sokoto, Taraba, Yobe, Zamfara and the Federal Capital Territory.
The Minister of Water Resources and Sanitation, Joseph Utsev, said coastal and riverine flooding would be experienced in some parts of the South-South geopolitical zone of the country due to a rise in sea level.
Among these states are Bayelsa, Cross River, Delta, and Rivers while Akwa-Ibom and Edo fall under the high-flood risk states.