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Reps to consolidate five critical CBN related bills

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Barring last-minute changes, the House of Representatives will consolidate five reform bills on the Central Bank of Nigeria (CBN) on Wednesday.

The five bills as captured in the Notice Paper seen by Nigerian Tribune, seek to amend the CBN Act, 2007.

As encapsulated in the Notice Paper, the first bill seeks to amend the Central Bank of Nigeria Act, 2007, to provide for the appointment of a person other than the Governor as the Chairman of the Board, strip the Board of the powers of determining and fixing the payments of its members, and consider and approve the bank’s annual budget and other related matters.

The bill was sponsored by Deputy Chairman of House Committee on Finance, Hon. Saidu Musa Abdullahi.

A Bill for an Act to Amend the Central Bank of Nigeria Act, 2007 to specifically mention Federal Capital Territory, Abuja in the Act as the location of the Head Office of the Central Bank of Nigeria in order to avoid ambiguous and laborious interpretations and for related matters.

The bill was also sponsored by Hon. Saidu Musa Abdullahi.

The third bill seeks to amend the Central Bank of Nigeria Act to expand the qualifications of persons appointed as governors and deputy governors in order to avoid conflict of interest and related matters.

Hon. Olawale Raji sponsored the proposed legislation.

The fourth bill seeks to amend Section 11 of the Central Bank of Nigeria, 2007, to add more conditions to disqualification and cessation of appointment as Governor, Deputy Governor, or Director of the Bank and for Related Matters.

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The bill was sponsored by Chairman of House Committee on Water Resources, Hon. Sada Soli.

The fifth bill seeks to amend Section 20 (3) and Section 20 (5) of the Central Bank of Nigeria Act, Cap, Laws of the Federation of Nigeria 2004, to allow the National Assembly have inputs in printing and exchanging new notes and coins and for related matters.

The bill was also sponsored by Hon. Sada Soli.

The five bills have scaled through First Reading on the floor of the House at different legislative days.

When adopted by the House, all the proposed amendments as contained in the five bills will be slated for Second Reading on a legislative day to be determined by the House Committee on Rules and Business, in line with legislative practice and convention.


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