By Awa Kalu, SAN
On Monday, 28th May, 2012, a bill to amend the Central Bank of Nigeria (CBN) Act came up before an Assembly of Stakeholders for Public Hearing. Held under the joint auspices of the Senate Committee on Banking, Insurance and Other Financial Institutions and the Committee’s counterpart on the Judiciary, the hearing attracted very many eminent personalities from the banking sector, captains of industry, organized labour, civil society groups, eminent lawyers and high level federal government officials.

Several memoranda were presented and thought-provoking comments were made. The sponsor of the bill, Senator Eta Enang as well as other very distinguished senators, were in attendance. On account of the absence of the Senate President and the Deputy Senate President who were otherwise engaged, the hearing was declared open by an eminent lawyer and distinguished majority leader of the Senate, Senator Victor Ndoma-Egba.

His assurance that in seeking to amend the Central Bank Act, the Senate was not embarking on a witch hunt or a fishing expedition was well taken by the well-informed audience. Senator Ike Ekweremadu, Deputy Senate President, arrived later on and gave the same assurances.

The Chairman of the Senate Committee on Banking etc, who was also co-chairman of the occasion also gave the same assurances and underlined the determination of the National Assembly to approach its task not only with the appropriate dispassionate disposition but promised to act in the best interests of Nigerians. Exchanges were cordial, frank and friendly.

After the formalities, the Chairman yielded the floor to a vigorous and well-articulated presentation by the Governor of the Central Bank. The Memorandum, the Governor pointed out, was “submitted following the proposal by the Senate to amend the CBN Act, 2007.

The Amendment Bill before the Senate (no. SB 75), seeks to compel the CBN to submit its annual budget to the National Assembly in the course of the annual Appropriation Bill or subsequent thereto.” Having regard to a preponderance of opinion amongst a wide spectrum of stakeholders indicating that the successful passage of the bill would undermine the apex bank’s autonomy, the Governor ‘recharged’ as ever, seized the moment and underpinned the need for Central Bank independence.