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Can The Nigerian President Sack The CBN Governor?

Amid the recent political turbulence that saw President Bola Tinubu suspending Central Bank of Nigeria’s (CBN) Governor, Godwin Emefiele, a critical question has emerged: Can the Nigerian President sack the CBN Governor?

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Can The Nigerian President Sack The CBN Governor?

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Amid the recent political turbulence that saw President Bola Tinubu suspending Central Bank of Nigeria’s (CBN) Governor, Godwin Emefiele, a critical question has emerged: Can the Nigerian President sack the CBN Governor?

According to Sec. 11(2)(f) of the CBN Act 2007, the removal of a CBN Governor requires a two-thirds majority vote from the Senate, thereby limiting the unilateral power of the President. However, a precedent set by former President Goodluck Jonathan in his suspension and subsequent removal of Sanusi Lamido for Emefiele adds a layer of complexity to the issue.

Edmonton Harvey Specter, a legal luminary, noted, “Can the President suspend the CBN Governor? In Sanusi Lamido v. President & Ors, where I was part of Counsel that represented the President and which was decided at the FHC Abuja, it was held that ‘While the President cannot remove the Governor, he can exercise some form of disciplinary control which includes suspension over him’.”

This judgment, which was not appealed, opens a door for the President to influence the CBN’s leadership. Even though Specter was part of the ‘winning’ legal team, he expressed his disappointment that Lamido did not appeal the judgment to get a final declaration by the Supreme Court.

Perspectives on CBN’s Powers and Future

The recurring debate on the President’s influence over the CBN’s leadership also sparks broader discussions about the powers of the Central Bank itself.

Mikael C. Bernard, an economic analyst, noted:

“This was how Sanusi was sacked too. He was suspended and never came back from it. Let’s see who they appoint now. There needs to be a reduction in the powers of the CBN too. Banks should be self-regulated by a separate regulatory entity, preferably a banking board and the CBN should focus solely on inflation, CPI and monetary policies.”

This opinion echoes a sentiment shared by many: that the CBN’s roles should be more specialized, with a separate regulatory entity overseeing the banking sector.

In the light of these debates, the future of the Nigerian financial sector is awaiting its fate, caught in the balance between legal precedents, public opinions, and the machinations of political power.

Stay tuned to MandyNews as we delve deeper into these complex issues and track the ongoing developments in Nigeria’s financial landscape.

Share your story with us! Email MandyNews1@gmail.com

Source: MandyNews.com

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