CBN is the only apex bank in Africa without board – Senator Shehu Sani

CBN is the only apex bank in Africa without board – Senator Shehu Sani

The lawmaker representing Kaduna central senatorial district, senator Shehu Sani, Wednesday observed that the Central Bank of Nigeria, CBN, is the only apex bank without a board.

He, therefore, appealed to the senate to reconsider its embargo on the screening of presidential nominees in order to screen and approve nominated board members for the CBN.

The lawmaker said this under an adopted order 43 where he made a personal appeal to the upper chamber.

In his explanation, Sani said, “I stand here to make a personal appeal. An appeal to the conscience and support of this senate over the issue of the central bank of Nigeria.

“Mr. President, Nigeria’s Central Bank is the only central bank in the whole of Africa without a board.

“And when you don’t have board, you limit the ability and capacity of the management of that institution that have a pivotal role to play in our economy to manage the affairs of banks for it to function properly.

“The CBN is the most important economic fulcrum of our country. I can understand that we collectively here stood to make a position to suspend the screening of nominees but I think we look at the issue of the CBN critically.

“We can appreciate the fact that it has made some progress – progress in terms of stabilizing the economy, progress in terms of stabilizing the naira, and also progress in terms of appreciating our foreign reserve. But we should be mindful that our work as a senate will be lessened if we have a board that can perform an institutional oversight to ensure that the bank is run according to due process and according to the best standard both nationally and internationally.

“The CBN board should be screened in the interest of transparency and probity so that we can truly know what is going on within the bank. And we can be properly briefed so that the management of the bank can be able to function.

“The absence of a board has made it impossible for the bank to function and to also do its duty as other banks do within the continent and beyond. I appeal that the Senate should look into the need to screen and approve the board of this bank in the interest of our economy to that we can have a proper documentation and knowledge of what is going on within the bank”.

In his reaction, the senate President, Bukola Saraki said, “Thank you senator Shehu Sani. You have come on personal explanation. We have taken note of your comments. And we will look into it. “

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