CBN Act Grants President Authority To Remove Deputy Governors....KINDLY READ THE FULL STORY HERE▶

In the midst of the unfolding developments regarding the resignation of Godwin Emefiele, the Governor of the Central Bank, recent scrutiny of the CBN Act has revealed that the President possesses the unilateral authority to remove deputy governors. The President’s power to dismiss the Central Bank Governor, on the other hand, requires a two-thirds majority approval from the Senate, a requirement that does not extend to deputy governors.

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Section 11, subsection 2f of the CBN Act explicitly grants the President the authority to remove any deputy governor without the need for consultation with the National Assembly. In contrast, the Act stipulates that the removal of the Governor must be supported by a two-thirds majority vote in the Senate, placing the fate of deputy governors primarily in the hands of the President.

President Tinubu has recently announced a new set of nominees for deputy governors, including Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello. These nominees await ratification from the Senate and are intended to replace the outgoing deputy governors, namely Kingsley Obiora, Aishah Ahmad, Ade Shonubi, and Edward L. Adamu.

Despite these presidential nominations, the current deputy governors have not tendered their resignations as of September 16th. Sources close to the deputy governors have indicated that no formal resignations have been submitted. According to these sources, some of the deputy governors’ tenures were recently extended by the National Assembly, and therefore, they are still legally in office, having neither been dismissed by the President nor the National Assembly.

The situation surrounding the deputy governors is further complicated by the National Assembly’s recent extension of the tenure of some of them. Last December, the Senate approved second five-year terms for Aisha Ahmad and Edward Adamu. Dr. Kingsley Obiora, who was appointed in March 2020, is in the fourth year of his term, while Ade Shonubi’s term is set to expire in October.

Legal experts have weighed in on this matter, highlighting that the CBN Act allows both the Governor and Deputy Governors of the Central Bank to submit their resignations at least three months in advance, in writing, to the President. The Act also empowers the President to appoint replacements to serve the remaining duration of the term. Notably, while Senate support is required for the removal of the CBN Governor, the same does not apply to the Deputy Governors, allowing the President to dismiss them without Senate approval.

In essence, the law stipulates that the President can remove a Deputy Governor without Senate involvement, but Senate approval is necessary to remove the Governor. The recent nominations for deputy governors are subject to confirmation by the Nigerian Senate, and the fate of the CBN Governor, Godwin Emefiele, remains uncertain, with reports suggesting his resignation and a three-month notice period if accurate.

In summary, the President has the authority to remove Deputy Governors of the Central Bank without Senate confirmation, while the removal of the Governor requires a two-thirds majority vote in the Senate. The recent nominations for these positions are awaiting Senate confirmation, and the situation regarding the current officeholders is complex, with legal and procedural considerations at play.