The former Minister of Aviation, Osita Chidoka, has raised concerns over how the new Central Bank Governor and his deputies were brought into office.
He alleged a gross violation of the CBN Act in the appointment by President Bola Tinubu‘s administration.
He said, “The growing lawlessness and Gestapo tactics the government was deploying to achieve its objectives would deepen the damage the immediate past administration did to the country”.
Chidoka’s statement was in an open letter to the Minister of Justice and Attorney General of the Federation, Mr Lateef Fagbemi, SAN.
He advised the Minister to take a second look at removing from office persons who ought to enjoy independence and require Senate approval before removal from office.
He wondered why the President appointed four Deputy Governors in one go, asking if the previous Deputy Governors resigned like Godwin Emefiele, the former Governor.
According to him, “the CBN Act prioritized experience and the need for continuity, noting that the Senate went beyond their powers by granting all four Deputy Governors a five-year term, if actually it did.”
He claimed that the development had become a bad precedent and an indication of the high disregard for rules that were becoming the administration’s hallmark.
Chidoka said the CBN Act provides that the Governor and Deputy Governors shall be appointed in the first instance for a term of five years and shall each be eligible for reappointment for another term not exceeding five years.
He further suggested that the AGF seek out the past Deputy Governors and get them to resign quietly before they enforce their rights.
He was also of the view that the minister should ask the Senate to amend their clearance to reflect the provisions of S. 11 (4) so that the new CBN management would conclude the tenure of their predecessors.
According to him, by doing so, the government would also have complied with the need for the Deputy Governors to exit the bank in a staggered manner to maintain continuity and experience.
Part of the letter read: “Today’s crux of my letter is the gross violation of the CBN Act in appointing the new Central Bank Governor and the Deputies. First, the CBN Act provides in S. 8 (2) That the Governor and Deputy Governors shall be appointed in the first instance for a term of five years and shall each be eligible for reappointment for another term not exceeding five years. It added an important proviso, “Provided that, of the first four Deputy Governors to be so appointed, one shall in the first instance be appointed for three years and two shall in the first instance be appointed for four years.” The CBN Act prioritised experience and the need for continuity. The Senate (if they did) granting all four Deputy Governors a five-year term went beyond their powers. But the more critical issue is why the President appointed four Deputy Governors in one go. Did the previous Deputy Governors resign, too, like the Governor?
“As a senior legal practitioner and learned silk, my dear AG, I believe you will not lend your imprimatur to this creeping lawlessness. My suggestions: You can seek out the past Deputy Governors and get them to resign quietly before they seek to enforce their rights. Also, ask the Senate to amend their clearance to reflect the provisions of S. 11 (4) so that the new CBN management would conclude the tenure of their predecessors. That way, the government would also comply with the need for the Deputy Governors to exit the bank in a staggered manner to maintain continuity and experience.”
