The Central Bank governor and his declaration of allegiance (4)
Continued from yesterday
The Governor, any Deputy Governor or any Director shall cease to hold office in the Bank if he – (a) becomes of unsound mind or, owing to ill health, is incapable of carrying out his duties; (b) is convicted of any offence involving dishonesty or any other offence the maximum penalty of which exceeds imprisonment for six months; c) is guilty of a serious misconduct in relation to his duties under this Decree; Governor and Deputy Governors to be fully devoted to the service of the Bank.
Amendment Decree No. 79 of 1993 Appointment of other Directors. Amendment Decree No. 79 of 1993 Disqualification and cessation of appointment 1991 No.
25 (d) is disqualified or suspended from practising his profession in Nigeria by order of a competent authority made in respect of him personally; c) becomes bankrupt or suspends payments or compounds with his creditors. (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. They are Mr. Godwin Emefiele (CON) (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 Serving 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 02, 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. He acts like a pop star and talks like partisan politicians. Definitely, our money cannot be safe with such a person.
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.
One of the most 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 of 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 is his spokesmen like Tony Ede and others, who from time to time issue press statements. Now the situation we have contradicts the old golden days, to the extent that it was rumoured that Governor of the Central Bank of Nigeria wanted to take part in partisan politics. 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 behavior. His attempt last year to enter the Presidential race is anything but frivolous. If his wish is to serve the people or make money, he does not need to be President. His present job is an opportunity to serve the people.
The other point is his piety and fidelity 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.
Teniola, a former director at the Presidency wrote from Lagos.