A University Don has advocated for a review of the Central Bank of Nigeria Law to whittle down the overwhelming powers of the CBN Governor, who, under the law, is both the CEO of the bank and chairman of the board of directors with extra voting right, the operational consequence of which has almost ruined the economy of the nation.
Olusesan Oliyide, a professor of banking and finance law at the Olabisi Onabanjo University, Ago-Iwoye, Ogun Stste, delivering the 111th inaugural lecture titled “Banking Regulation and Nigeria’s Prosperity: Unending Voyage, Definite Destination” at the University campus penultimate Tuesday, said the Central Bank of Nigeria and its Governor have been over empowered by the statutory law establishing it.
The Don pointed out that though the CBN Act was fashioned after the US-Canada experience, it is a “life and death” power that together could kill Nigerians if they so desired.
As the policy-maker and policy-executor, and by virtue of S.6(4) and (5) of the CBN Act, the Governor is at liberty to assign and re-assign responsibilities to the deputy governors as he has near-absilute powers in making critical appointments or reappointment and in assigning duties.
Oliyide argued the CBN Governor could exercise his enormous powers to oppress his subordinates and force them into cow-towing and subservience so as to enthrone his caprices in decision-making.
Oliyide recalled his earlier cautionary advocacy that Nigeria’s choice of law to operate the central bank might mitigate against its operation if there was no irrevocable patriotism in the hiring of the bank’s operatives, particularly, a Governor who should specifically be above board, regretting that virtually everyone in the Nigerian polity, felt the brute of a most misguided, misconceived and ill-executed policy of “Naira re-inking saga” by an obviously wrong choice fir the sacred office of the CBN Governor.
The Don noted that the Nigerian economy lost about N20 trillion to the scarcity of Naira during what he described as the “inglorious era” when millions of Nigerians also paid the supreme price of sliding into depression with loss of their hard-earned money.
Professor Oliyide gave kudos to the judiciary through the Supreme Court for assuming original jurisdiction to intervene on the matter against some pedantic and weak oppositions.
The Banking and Finance Law professor has recommended an immediate ammendment to the CBN Act to ensure that proper checks and balances in the internal management and operating principles of the bank are entrenched.
The CBN, he opined, has been hydra-headed and manifestly overwhelmed by the multifarious activities it engages in, adding, it should be unbundled by bifurcation of its functions.
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