Amidst the unfolding drama surrounding the resignation of Central Bank Governor Godwin Emefiele, a recent dive into the CBN Act reveals that the President possesses the authority to unilaterally remove deputy governors.
The President would require a two-thirds majority approval from the Senate to dismiss the Central Bank Governor, a stipulation that does not extend to deputy governors.
According to Section 11, subsection 2f of the CBN Act, the President has the authority to remove any deputy governor without consulting the National Assembly.
“The removal of the Governor shall be supported by a two-thirds majority of the Senate praying that he be so removed,” the Act states, leaving the deputy governors’ fate largely in the President’s hands.
President Tinubu recently announced a new slate of nominees for deputy governors—Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello. These nominees await ratification from the Senate and are set to replace outgoing deputy governors Kingsley Obiora, Aishah Ahmad, Ade Shonubi, and Edward L. Adamu.
Despite the presidential nominations, the current deputy governors have not resigned as of Saturday, September 16th. Sources close to the deputies told Nairametrics that no formal resignation has been tendered.
“As far as we’re concerned, the tenure of some of the deputy governors was recently extended by the National Assembly. They are, therefore, still legally in office and have neither been dismissed by the President nor the National Assembly,” the source clarified.
While one source stated that the existing deputy governors would continue in their roles until formal notification is received, another reliable source suggested that the incumbents might have been asked to resign, thereby facilitating the President’s new appointments.
The National Assembly recently extended the tenure of some deputy governors, further complicating the issue. Last December, the Senate approved second five-year terms for Aisha Ahmad and Edward Adamu. Dr. Kingsley Obiora, appointed in March 2020, is in the fourth year of his term, while Ade Shonubi’s term is set to expire in October.
