*Faults National Assembly For Not Carrying Out Recommended Amendment To CBN Act
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A lawyer, Joshua Nwachukwu has criticized the National Assembly for not heeding the call of Hon. Justice G.O Kolawole to amend the Central Bank of Nigeria (CBN) Act and provide clarity on the power to suspend the CBN Governor.
The lawyer, Joshua Nwachukwu, pointed out that contrary to popular belief, Hon. Justice Kolawole’s 2014 judgment did not declare that the President has the authority to suspend the CBN Governor.
Following the recent suspension of Godwin Emefiele as the CBN Governor, several headlines inaccurately referred to Lamido Sanusi’s case in 2014 to claim that the President has the power to suspend the CBN Governor. However, Joshua Nwachukwu, after reviewing Hon. Justice Kolawole’s judgment, stated that no such proclamation was made.
According to Nwachukwu, the court did not delve into the merits of Sanusi’s case but rather determined that it fell under the jurisdiction of the National Industrial Court as a labor and employment matter. Citing 24(3) of the National Industrial Court Act, Hon. Justice Kolawole transferred the case to the appropriate court for consideration.
“It would have been inconsistent for the judge to make a declaration on the merits of the case while transferring it to another court.
Regrettably, Lamido Sanusi did not pursue the case further, opting for a resolution through political means. As a result, an opportunity to contribute to the legal understanding of the suspension powers of CBN governors was missed, leaving a lingering uncertainty regarding the matter” he said.
“In his judgment, Hon. Justice Kolawole advised the legislature to amend the Central Bank of Nigeria Act to address situations when a sitting Governor of the CBN is faced with serious allegations. He stressed the importance of avoiding conjecture and relying on judicial interpretation by clarifying the actions to be taken in similar scenarios.”
However, Nwachukwu expressed disappointment in the National Assembly’s failure to act upon Hon. Justice Kolawole’s advice. He blamed this inaction for the repetitive removal of Central Bank Governors, which has significant implications for Nigeria’s fragile economy.
The lawyer emphasized that the current situation highlights the urgent need for legislative intervention to address the powers and procedures concerning the suspension of CBN Governors. Nwachukwu called on the National Assembly to review the Central Bank of Nigeria Act to provide clear guidelines and prevent any ambiguity in the future.
As Nigeria grapples with the consequences of another Central Bank Governor’s suspension, it is evident that the unresolved issue surrounding the suspension powers raises concerns about the stability of the country’s economy.
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