Why Cardoso could wait until 2024 before taking over as new CBN boss – Newstrends
Connect with us

News

Why Cardoso could wait until 2024 before taking over as new CBN boss

Published

on

Olayemi Cardoso

Why Cardoso could wait until 2024 before taking over as new CBN boss

According to the Central Bank of Nigeria (CBN) Act of 2007, there is no vacancy for Olayemi Cardoso, President Bola Ahmed Tinubu’s nominee for CBN governor, until May 16, 2024.

Tinubu nominated Cardoso, Emem Nnana Usoro, Sani Abdullahi Dattijo, Philip Ikeazor, and Bala Bello to be appointed new CBN governor and deputy governors on Friday.

They are in line to replace the suspended CBN governor, Godwin Emefiele, and his deputies, Aishah Ahmad, Edward Adamu, Kingsley Obiora, and Folashodun Adebisi Shonubi, who is presently serving as the apex bank’s acting governor.

However, they may have to wait in line for nine months until Emefiele’s tenure expires on May 16, 2024, even if confirmed by the Senate, because the bank’s governor has not resigned, died, or been fired. The president may appoint a new governor and deputy governors only based on those criteria.

WHAT DOES THE CBN ACT, 2007 SAY?

“A person shall not remain a governor, deputy governor or director of the Bank if he is:

“A member of any federal or state legislative house; or

“A director, officer or employee of any bank licensed under the Banks and Other Financial Institutions Act.” Section 11(1)

READ ALSO:

“The governor, deputy governor or director shall cease to hold office in the bank if he:

“Becomes of unsound mind or, opening to ill health, is incapable of carrying out his duties.

“Is convicted of any criminal offence by a court of competent jurisdiction except for traffic offences or contempt proceedings arising in connection with the execution or intended execution of any power or duty conferred under this Act or the Banks and Other Financial Institutions Act.

“Is guilty of a serious misconduct in relation to his duties under this Act.

“Is disqualified or suspended from practising his profession in Nigeria by order of a competent authority made in respect of him personally.

“Becomes bankrupt.

“Is removed by the president: provided that the removal of the governor shall be supported by two-thirds of the Senate praying that he be so removed.” — Section 11(2), CBN Act, 2007

“If the governor, deputy governor, or 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..” — Section 11(4), CBN Act, 2007

READ ALSO:

THE SANUSI-EMEFIELE TRANSITION PRECEDENCE

Although suspended, Emefiele has not been removed as CBN governor for any of the aforementioned reasons. So, Emefiele’s appointment continues to be in effect albeit under the leadership of deputy governor Shonubi as acting governor.

The tenures of Ahmad, Adamu, and Obiora as deputy governors are likewise not due until May 19.

The apex bank’s leadership and apparent transition appear delicate; nonetheless, they are not unprecedented.

President Goodluck Ebele Jonathan suspended Lamido Sanusi, the governor of the Central Bank of Nigeria at the time, five months before his term ended on February 20, 2014, and immediately nominated Emefiele to replace him.

On March 26, 2014, the Senate confirmed Emefiele. However, Emefiele did not begin his first term as CBN governor until June 3, 2014, when Sanusi’s term expired.

Sarah Alade, one of the apex bank’s deputy governor at the time, acted as interim governor until Sanusi’s term expired.

The same events could play out again, depending on what Tinubu does with Emefiele.

News

Why governors’ forum is silent on Rivers emergency, by DG

Published

on

Why governors’ forum is silent on Rivers emergency, by DG

The Nigeria Governors’ Forum (NGF) yesterday attributed its neutral position on the recent declaration of a state of emergency in Rivers State to the need to steer clear of taking positions that may alienate members with varying political interests.

Taking positions on contentious partisan issues, the NGF said, would not augur well for it, especially in view of its past experience in fundamental division.

Notwithstanding, the declaration of the state of emergency by President Bola Tinubu yesterday generated more kudos and knocks from across the country.

Special Adviser to the President on Senate Matters, Senator Basheer Lado, said the action of the president was meant to ensure protection of lives and restoration of law and order in the state, while the President’s Special Adviser on Media and Public Communications, Sunday Dare, said his principal  was required  to “avert needless harm and destruction .”

National Publicity Secretary of the ruling All Progressives Congress (APC), Felix Morka, said Tinubu, by his action, cleared what had manifested as a constitutional crisis in Rivers state.

But former President Goodluck Jonathan saw it from a different perspective.

READ ALSO:

He described “abuse of office and power by the three arms of government in the country“ as a dent on Nigeria’s image.

The NGF, in a statement by its Director General Abdulateef Shittu, said it is essentially “an umbrella body for sub-national governments to promote unified policy positions and collaborate with relevant stakeholders in pursuit of sustainable socio-economic growth and the well-being of the people.”

It added: “As a technical and policy hub comprising governors elected on different platforms, the body elects to steer clear of taking positions that may alienate members with varying political interests.

“In whatever language it is written, taking positions on contentious partisan issues would mean a poor sense of history — just a few years after the forum survived a fundamental division following political differences among its members.

“Regardless, the Forum is reputed for its bold positions on governance and general policy matters of profound consequences, such as wages, taxes, education and universal healthcare, among others.”

It asked for “the understanding of the public and the media, confident that appropriate platforms and crisis management mechanisms would take care of any such issues.”

Why governors’ forum is silent on Rivers emergency, by DG

Continue Reading

News

Rivers: Tinubu acted to save state, economy, says Karimi

Published

on

Chairman of the Senate Services Sunday Karimi

Rivers: Tinubu acted to save state, economy, says Karimi

Chairman of the Senate Services Sunday Karimi has hailed President Bola Tinubu for the decision to declare a state of emergency in Rivers State.

 He told reporters on Friday in Abuja that the President acted in the best interest of the State and Nigeria, having taken his decision in compliance with the Constitution.

“No President or government worth a name, will fold its arms and watch a political situation deteriorate to what we saw unfolding in Rivers State.

“We saw that bombing of pipelines had begun, and the security situation was getting worse with the tension everywhere”, Karimi stated.

Karimi, who represents Kogi-West on the ticket of the All Progressives Congress (APC), recalled the “fatherly role” Tinubu had played in the crisis since 2023 in a bid to get the Minister of the Federal Capital Territory (FCT), Nyesom Wike, and suspended Governor Siminalayi Fubara to reach an understanding, to no avail.

He explained: “We were all here in 2023 when Mr President called that truce meeting at the Aso Rock Villa. There was the eight-point agenda for settlement reached between the factions.

“When Nigerians expected that progress should be made to achieve peace, things started deteriorating considerably to a point where the governor demolished the House of Assembly building and administered the state with only three legislators.”

READ ALSO:

Karimi observed that with the recent judgment of the Supreme Court, which gave the upper hand to the 27 lawmakers loyal to the camp of the FCT Minister, matters merely got worse in the State as the lawmakers were set to impeach the Governor.

“What did you expect would be the implications? There would have been more destruction, killings and economic losses for the country.

“With the bombings that had already started, it was a matter of time before the whole state would be engulfed in flames. No responsible President would sit, arms folded, and allow that to happen “ he added.

The senator further argued that it took “painstaking efforts” by the administration to raise daily crude oil production to around 1,800 barrels, noting that Nigeria’s economy was already “witnessing a rebound under the renewed hope projects of the government.”

“Allowing the situation in Rivers to get worse before he would act, wouldn’t have helped the state or Nigeria as a country in any way.

“Mr. President intervened at the right time, and his actions are covered by law,” he said.

Karimi also spoke on the emergency declaration  in Borno, Yobe, Adamawa and a couple of other states by former President Goodluck Jonathan without removing the Governors from office or suspending the state assemblies.

According to him, the case with those States was not generated by political crises but rather security concerns.

“So, I will advise those comparing the two scenarios to remember that one was purely about security threats resulting from the insurgency caused by Boko Haram, while that of Rivers is clearly political.

“It was the proper thing to do to suspend the political actors in the two factions to allow for tensions to diffuse. Nigerians should appreciate the President for the action he has taken so far,” he stated.

Sen. Karimi also noted that there was no cause for alarm as the National Assembly had indicated that the emergency rule could be reviewed as soon as there were signs that things could quickly normalise in Rivers State.

 

Rivers: Tinubu acted to save state, economy, says Karimi

Continue Reading

News

Just in: Tinubu swears in Rivers Sole Administrator Ibas

Published

on

Just in: Tinubu swears in Rivers Sole Administrator Ibok-ete Ibas 

President Bola Tinubu has sworn in Vice Vice Admiral Ibok-ete Ibas (Retd.) as the Sole Administrator of Rivers State.

The administrator was sworn in on Wednesday after a short meeting with the President.

Tinubu announced the appointment of the retired naval chief at a nationwide broadcast on Tuesday, when he declared a state of emergency in Rivers State and suspended Governor Siminalayi Fubara, Deputy Governor, Ngozi Odu, and the state House of Assembly members.

The President said his decision was based on Section 305 of the 1999 Constitution, saying he could not continue to watch the political situation in Rivers escalate without taking concrete action.

The suspension of Fubara and other elected representatives has been rejected and condemned by many eminent Nigerians, legal luminaries, groups such as Atiku Abubakar, Peter Obi, Femi Falana, the Labour Party (LP), the Peoples Democratic Party (PDP) and the Nigerian Bar Association.

However, the emergency rule has been praised by the pro-Nyesom Wike Assembly led by Martins Amaewhule, accusing Fubara of contravening the Supreme Court ruling on the political situation in the state.

Ibas was the Chief of Naval Staff from 2015 to 2021.

He is from Cross River State where he had his early education.

The new sole administrator went to the Nigerian Defence Academy in 1979 from where he proceeded to have a successful career in the Navy, rising through the ranks to the very top.

He is a member of the Nigerian Institute of International Affairs (NIIA) and the Nigerian Institute of Management.

President Muhammadu Buhari who appointed him as Chief of Naval Staff conferred him with the National Honour of Commander of the Federal Republic (CFR) in 2022.

Continue Reading

Trending