News
Bill to Amend CBN Act Scales Second Reading In Reps
From Lateef Taiwo
A Bill that seeks to amend the Central Bank of Nigeria ,CBN Act, Cap C4 on Thursday Scaled second reading in the House of Representatives.
The sponsor of the bill
Hon. Francis Ejiroghene Waive in his lead debate informed that the proposed amendment to the Central Bank of Nigeria Act (the “Principal Act”)seeks to address several critical aspects of the Act in order to enhance the effectiveness,transparency, and accountability of the Central Bank of Nigeria (CBN)and its operations.
According to the lawmaker, the legislative brief will focus on the significance of amending Section 6 of the Principal Act and the rationale behind the requirement for the Chairman of the Board of Directors to be distinct from the Governor of the Bank,amongst other.
He further disclosed that section 6 of the bill has to do with the Composition of the Board of Directors emphasising that the proposed amendment introduces a crucial change in the composition of the CBN’s Board of Directors as outlined in Section 6 of the Principal Act.
The proposed amendment according to the sponsor of the bill will adds a new paragraph, Section 6(2)(a), which mandates that the Chairman of the Board shall be a Former Governor of the CBN, a former Chairman of the Bank, or a former Managing Director of a bank.
This provision introduces an essential shift by requiring the Chairman to have a background outside of the current leadership of the CBN as well as the amendments provides for the separation of the Chairman of the Board from that of the Governor.
The lawmaker pointed that the proposed bill will enhanced Independence and Oversight arguing that separating the role of the Chairman from the Governor will ensures a more effective system of checks and balances within the CBN’s governance structure as differentiation would also reduces the concentration of power,enhances accountability, and provides an avenue for unbiased oversight of the CBN’s operations.
The Bill according to the lawmaker will ensure Prevention of Groupthink as the presence of an independent Chairman with experience in the financial sector but not directly tied to the Bank’s current management will foster diverse perspectives in decision-making.
The proposed amendment will discourage “groupthink” and promote robust deliberations that lead to well-informed and balanced policies toward
a reduced Potential for Conflicts of Interest.
Meanwhile the Chairman will be selected from outside the current leadership of the Bank diminishes the likelihood of conflicts of interest that could arise when the Governor also assumes the role of theChairman,This separation reduces the risk of policy decisions being influenced by personal or vested interests.
“Strengthened Public Confidence: An independent Chairman can serve as a symbol of impartiality and transparency, thereby increasing public confidence in the CBN’s operations. This is particularly important in preserving the integrity of monetary and financial policies.
5. Expertise and Experience: By requiring the Chairman to have experience as a Former Governor, Chairman, or Managing Director of a bank, the amendment ensures that the Chairman possesses the necessary financial and economic expertise to provide effective leadership to the Board”.
“The proposed amendment to Section 6 of the Central Bank of Nigeria Act represents a significant step toward strengthening the governance structure of the CBN,The differentiation between the Chairman of the Board and the Governor of the Bank introduces a level of independence, oversight, and accountability that is essential for the effective functioning of the CBN. This amendment aligns with international best practices and demonstrates a commitment to transparent and prudent monetary policy management”.
The proposed amendments to the Central Bank of Nigeria Act, as outlined in this
legislative brief, collectively contribute to a more transparent, accountable, and
effective operation of the Central Bank. These amendments underscore the
commitment to good governance, fiscal responsibility, and the prudent management
of the Nigerian economy. It is recommended that the National Assembly carefully
considers these amendments to promote the overall economic well-being of the country and the welfare of its citizens.
The Federal High Court in Abuja has ordered the All Progressives Congress (APC) and the Independent National Electoral Commission (INEC) to maintain the status quo in a dispute over the party’s candidates emerging from the Benue State APC primaries for the 2027 general election.
The order was made on Thursday by Justice Inyang Ekwo during proceedings in Suit No. FHC/ABJ/CS/1429/2026, filed by Engr. Sesugh Akaagba and other aggrieved APC candidates from Benue State against the APC and INEC.
The plaintiffs had, through an ex parte motion filed on July 5, 2026, sought six interim reliefs, including an order restraining the APC from substituting its validly nominated candidates in Benue State through its June 29, 2026 correspondence, or any subsequent communication, to INEC, pending determination of the substantive suit.
They also sought an order compelling the APC to immediately transmit to INEC the names of candidates validly nominated during the primaries monitored by the electoral commission.
When the matter first came up on July 8, 2026, the court declined to grant the interim application immediately, directing both APC and INEC to appear and respond before any decision was taken. The matter was adjourned to July 16.
At Thursday’s proceedings, counsel representing the APC and INEC were present in court, while the plaintiffs were represented by Mohammed Ndarani, SAN, alongside his legal team.
In his ruling, Justice Ekwo held that since issues had been joined by the parties particularly with INEC now before the court, the defendants were required by law to preserve the subject matter of the litigation pending determination of the substantive suit.
When counsel to the plaintiffs urged the court to caution APC and INEC against taking any further action that could affect the disputed list of candidates, the judge responded that it was “not a matter of advice but of law,” stressing that the defendants were bound to maintain the status quo.
The court consequently restrained APC and INEC from taking any action capable of altering the disputed list of candidates pending the hearing and determination of the substantive suit.
The defendants did not object to the restraining order.
At the commencement of proceedings, the court noted that all parties had voluntarily submitted to its jurisdiction by duly filing and exchanging their respective processes.
It held that there was no procedural or jurisdictional impediment to the expeditious determination of the substantive action, and directed that the matter be heard without further delay.
In furtherance of the objective of preserving the res and safeguarding the efficacy of the judicial process, the court ordered all parties to maintain the status quo pending the hearing and final determination of the substantive suit, restraining any act or omission capable of prejudicing the rights of the parties or rendering the proceedings nugatory.
The court further directed that INEC be served forthwith with the originating and all consequential processes.
The effect of the subsisting order is that INEC is restrained from tampering with the existing list of candidates pending final determination of the suit, and from receiving, recognising, or acting upon any purported substituted list of National Assembly candidates from Benue State submitted by the APC.
The matter was adjourned to July 21, 2026, for hearing of the substantive suit.
Former President Goodluck Ebele Jonathan and former First Lady Patience Ibifaka Jonathan recently celebrated a significant family milestone as they attended the graduation ceremony of their son, Ariara Goodluck Jonathan, at Manchester Metropolitan University in the United Kingdom.
The proud parents joined family members and well-wishers to witness Ariara receive his degree, marking the successful completion of his academic programme. The occasion was filled with joy as the Jonathan family commemorated the achievement, highlighting the importance they place on education and personal development.
The graduation ceremony attracted warm congratulatory messages from friends, associates, and admirers, who wished the graduate continued success in his future endeavours.
The Following names joined the political family of Sen. Dr. George Akume today after leaving the sinking Alia ship .
Under the leadership of Barr. Emmanuel Jime .
The are ;
Chief Nelson Alapa
Douglas pepe SAN senatorial Aspirant zone A,
Engr Peter Ashiekaa
QS Clement Beetseh
Former commissioners
Joy Luga
Ann itodo
Barr martins Shaagee
Miss Dorcas
Prof Usar Joseh
Prof Cephas Tushima
Chief Patrick Idoko
Hon Patience Akor
Hon Fred Idoko
Hon Lawrence Ekpo Onoja Jnr
Hon Andrew Abah
Hon Agbo Innocent Ikwumonu
Hon Simon Omachoko
Hon David Egboja
Dr John Garba
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