What it takes to sack a CBN Governor
Emefiele's suspension has reignited the conversation on what it takes to remove a CBN governor and whether the president has the power to do so.
The last time Nigerians had this conversation was during the build-up to the 2023 presidential election when Emefiele aspired to contest for president on the platform of the All Progressives Congress (APC) in violation of the Electoral Act.
However, on Friday, June 9, 2023, President Bola Tinubu suspended Emefiele from office with immediate effect.
According to a statement from the Office of the Secretary to the Government of the Federation, the CBN governor was suspended due to the ongoing investigation of his office and the planned reforms in the financial sector.
The development consequently reignited the conversation on what it takes to remove a CBN governor and whether the president has the power to do so.
Here’s what the CBN Act says
Section 11 of the CBN Act clarifies the situations that could warrant the termination of the appointment of a CBN governor.
According to the section, a CBN Governor or his deputy will cease to child office in the bank if:
- He becomes of unsound mind or, owing to ill health, is incapable of carrying out his duties.
- He is convicted of any criminal offence by a court of competent jurisdiction except for traffic offences or contempt proceedings arising in connection with the execution or intended execution of any power or duty conferred under this Act or the Banks and Other Financial Institutions Act.
- He is guilty of a serious misconduct in relation to his duties under this Act.
- He is disqualified or suspended from practising his profession in Nigeria by order of a competent authority made in respect of him personally
- He becomes bankrupt.
Lastly, section 11 of the CBN Act empowers the president to terminate the appointment of a CBN governor. But to exercise this power, the president will have to get the support two-thirds majority of the Senate.
The President can sack the CBN Governor, “provided that the removal of the Governor shall be supported by two-thirds majority of the Senate praying that he be so removed.” the CBN Act states.
At the end of the ongoing investigation in the CBN, if Emefiele is found guilty and the president is able to secure the required support of the senate, President Tinubu can go ahead to sack him and appoint another person to head the apex bank in line with the procedure stated in the CBN Act .
JOIN OUR PULSE COMMUNITY!
Eyewitness? Submit your stories now via social or: