By Eric Teniola

This is the concluding part of the piece which last week  harped on the appointment and resignation of a Governor and Deputy Governor of the CBN subject  to the provisions of the relevant decree or law

(3) The Governor or any Deputy Governor may resign his office by giving at least three months notice in writing to the President of his intention to do so; and any Director may similarly resign by giving at least one month’s notice in writing to the President of his intention to do so.

(4) If the Governor, any Deputy Governor or any Director of the Bank dies, resigns or otherwise vacates his office before the expiry of the term for which he has been appointed, there shall be appointed a fit and proper person to take his place on the Board for the unexpired period of the term of appointment in the first instance – (a) If the vacancy is that of the Governor or a Deputy Governor, the appointment shall be made in the manner prescribed by section 9 (1) of this Decree; and (b) If the vacancy is that of any Director, the appointment shall be made in the manner prescribed by section 11(1) of this Decree”.

In addition, every staff of the Central Bank of Nigeria must sign a form of declaration of allegiance and secrecy. At present, the following are members of the Committee of Governors of Central Bank of Nigeria: Mr. Godwin Emefiele(Chairman, Board of Directors ) Governor, serving Since Tuesday, June 03, 2014 to date; Mrs. Aishah N, Ahmad (Board Member),Deputy Governor, Financial System Stability Directorate since Friday, March 23, 2018  to date; Mr. Edward L. Adamu (Board Member) Deputy Governor, Corporate Services Directorate, serving since Friday, March 23, 2018 to date; Mr. Folashodun Adebisi Shonubi (Board Member), Deputy Governor, Operations Directorate, serving since Wednesday, October 17, 2018  to date; Dr. Kingsley Obiora(Board Member), Deputy Governor, Economic Policy Directorate, serving since Monday, March 2, 2020 to date. 

Non-executive Board Members and their profiles: Prof. Justitia O. Nnabuko(Board Member), Director, serving since 7/7/2018 to date; Adeola S. Adetunji(Board Member),Director, serving since 7/7/2018 to date; Prof. Mike I. Obadan(Board Member), Director, serving since 7/7/2018 to date; Prof. Ummu A. Jalingo (Board Member), Director, serving since 7/7/2018 to date; Accountant General of the Federation, serving since 7/7/2018 to date; Dr. Abdu Abubakar(Board Member), Director, serving since 4/4/2019 to date; Mr. Aliyu Ahmed (Board Member),Director, serving since 9/25/2020  to date.

I am not sure whether the present Governor of the Central Bank of Nigeria had carried his deputy governors fully in the implementation of many of his monetary policies. The deputy governors have important roles to play if we are to go by the decree which is now named Central Bank Act.

If you look at the high profile of the present governor of Central Bank of Nigeria, one will know that his actions do not conform to the provisions of the decree and the oath of allegiance. 

For those who read about foreign affairs, the name Andrew Bailey does not sound familiar, yet he has been Governor of the Bank of England since March 2020. He hardly talks. Same with Jerome Powell, Chairman of the Board of Governors of the Federal Reserve in America, the equivalent of the Central Bank in Nigeria.

A highly admired past Chairman of the Federal Reserve in America was Alan Greenspan, who served from August 11, 1987 to February 1, 2006. He rarely spoke. He once said: “To succeed, you will soon learn, as I did, the importance of a solid foundation in the basics education”.  How many times do we hear of the Governor of the Central Bank of England going to the British Prime Minister at 10 Downing Street almost on a weekly basis or do we hear of the Chairman of the Federal Reserve Board going to the White House to see the President of the United States of America often. 

In the past in this country, we rarely see the face of the Governor of Central Bank of Nigeria. It was his spokesmen like Tony Ede and others, who from time to time issued press statements. The situation we have now contradicts what obtained in the old golden days. The high profile of the Governor of the Central Bank of Nigeria contradicts the ethics of a public servant.

A man who is supposed to keep and protect our money should avoid such a behaviour. His decision last year to enter the presidential race is not proper. If his wish is to serve the people, he does not need to be President. His present job is an opportunity to serve the people. The other point is his loyalty to the President. No doubt, the President appointed him like he appointed the deputy governors of the Central Bank. But his loyalty is to Nigerians and not to the President’s family or friends or relations. He should take another look at his declaration of allegiance and secrecy which he swore to. His customers are Nigerians. The main objective of the Governor of the Central Bank of Nigeria is to promote the good of the people of Nigeria and maintain monetary and financial stability. Nothing more, nothing less.