UPDATE: Senate Declares Recess After 2024 Budget Presentation

Senate Considers Banning CBN Governor, Deputies From Politics

by Victor Ndubuisi

On Wednesday, the 10th Senate, chaired by Godswill Akpabio, debated prohibiting the Governor of the Central Bank of Nigeria (CBN) and the Deputy Governors of the top bank from taking part in politics.

On Wednesday during the upper chamber’s plenary, the two bills were given a second reading.

After considering two identical proposals filed by Senators Sunday Karimi of the Kogi West Senatorial District and Darlington Nwokocha of the Abia Central Senatorial District, the Senate passed the bills, according to information obtained by Anaedoonline.ng.

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In order to prevent the CBN governor and his deputies from engaging in political activity while in office, the lawmakers suggested in plenary that Section 9 be further changed.


The Federal Inland Revenue Service (FIRS) Chairman, the Chartered Institute of Bankers in Nigeria (CIBN), and the Auditor-General of the Federation were all recommended to be represented on the CBN board by both senators.

However, senator Adams Oshiomhole, who represents the Edo North Senatorial District, opposed the bill’s second reading. He claimed that the reference case, which involved Godwin Emefiele, the former governor of the CBN, was a result of a lack of governance and a desire to uphold the law as it stands.

Thus, the Senate Committee on Banking and Finance was given a two-week period by Deputy Senate President Jibrin Barau to submit a report on the CBN Amendment Bill.

This occurs 17 months after Emefiele purchased the All Progressives Congress (APC) presidential nomination and expression of interest forms.

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Public outcry over the matter resulted in numerous Nigerians and organisations demanding that Emefiele step down or be fired by the country’s president at the time, Muhammadu Buhari.

Despite requests for his resignation, Emefiele remained the governor of the CBN till Buhari finished his term as president.


After joining the team, Tinubu started implementing changes in the banking industry by removing Emefiele from his position and bringing legal action against him.


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