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Why Cardoso could wait until 2024 before taking over as new CBN boss
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)
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“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
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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.
Why Cardoso could wait until 2024 before taking over as new CBN boss
News
Yahaya Bello reports to EFCC office with lawyers
Yahaya Bello reports to EFCC office with lawyers
A former Governor of Kogi State, Yahaya Bello, on Tuesday visited the Economic and Financial Crimes Commission (EFCC) to honour another invitation extended to him over alleged misappropriation of funds.
Bello went to the anti-graft office with his lawyers in the morning.
The ex-Kogi governor reportedly drove himself to the EFCC’s office in a black Toyota Hilux van with some lawyers.
He was said to have been taken by some operatives of the agency and are currently being grilled.
This is coming after the Supreme Court judgment which dismissed a suit brought by some state governments challenging the constitutionality of the agency.
The EFCC at the last hearing on November 14, sought the adjournment till November 27 in the fresh case it instituted against Bello.
It stated that the 30-day window was still running for the summons earlier issued.
News
Just in: Ebonyi governor suspends two commissioners, Perm Sec for misconduct
Just in: Ebonyi governor suspends two commissioners, Perm Sec for misconduct
Ebonyi State Governor Francis Nwifuru has announced the immediate suspension of two commissioners with a permanent secretary among others for gross misconduct.
Those suspended are the Commissioner for Housing and Urban Development Francis Ori, and the Commissioner for Health, Moses Ekuma, with the Permanent Secretary of the Ministry of Health.
The suspension followed an incident on Saturday night, when the governor reportedly visited the Ministry of Health’s premises and was said to have found six officials diverting government materials.
Others suspended for three months are the Executive Secretaries of the State Primary Healthcare Development Agency and the Ebonyi State Health Insurance Agency
The suspension order was announced by the state Commissioner for Information, Jude Okpor, who cited alleged misconduct and dereliction of duties as the reasons for the disciplinary actions.
Okpor made the disclosure on Tuesday during a press briefing on the outcomes of the State Executive Council meeting held on Monday at the New Government House in Abakaliki, the state capital.
“Following cases of gross misconduct and dereliction of duties by some government officials and matters related thereto, the Chairman of Council directed the indefinite suspension of the Honourable Commissioner for Housing and Urban Development and three months suspension of the Honourable Commissioner for Health, respectively
“In view of the development, the Special Assistant to the Governor on Primary Health was directed to take charge of the ministry in the absence of the suspended commissioner.
Governor Nwifuru directed the suspended government officials to hand over all government properties in their possession including vehicles to the Secretary to the State Government.
News
Why we’re borrowing despite surplus revenues – FG
Why we’re borrowing despite surplus revenues – FG
The Federal Government has defended its decision to borrow to address budget deficits, despite surpassing revenue targets in 2024.
Finance Minister Wale Edun and Budget Minister Atiku Bagudu clarified this position during a session with the National Assembly’s Joint Committee on Finance, Budget, and National Planning. The meeting focused on the 2025–2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
Last week, the National Assembly approved President Bola Tinubu’s $2.2 billion loan request to fund the N9.7 trillion deficit in the 2024 budget partially.
During the session, key agency heads, including Nigerian National Petroleum Company Limited (NNPCL) CEO Mele Kyari, Customs Comptroller-General Bashir Adeniyi, and Federal Inland Revenue Service (FIRS) Chairman Zacch Adedeji, presented their revenue reports.
The agencies reported exceeding their 2024 targets.
- Customs Service: Generated ₦5.352 trillion by September 30, surpassing its ₦5.09 trillion target for the year. For 2025, the agency projects ₦6.3 trillion, with a 10% increase planned for 2026.
- NNPCL: Achieved ₦13.1 trillion in revenue, exceeding the ₦12.3 trillion projection for 2024. Kyari announced a ₦23.7 trillion revenue target for 2025.
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- FIRS: Surpassed multiple tax collection goals, including ₦5.7 trillion from company income tax against a ₦4 trillion target. Education tax collections also exceeded expectations, reaching ₦1.5 trillion compared to a ₦70 billion target.
Overall, ₦18.5 trillion of the ₦19.4 trillion 2024 revenue target had been achieved by September, indicating the goal will be exceeded by year-end.
Despite these surpluses, the government insists borrowing remains essential to cover budget gaps and support vulnerable populations.
Bagudu explained, “Even with agencies exceeding revenue targets, borrowing is necessary to address deficits and boost productivity, particularly for the poorest. This aligns with Agenda 2050, which aims for a GDP per capita of $33,000.”
Edun also reiterated that loans were critical for adequately funding the budget.
The committee, led by Senator Sani Musa, questioned the rationale behind the borrowing and demanded further transparency. The Immigration Service was specifically asked to provide documents regarding an “unacceptable PPP arrangement” before the end of the week.
The session underscored the government’s balancing act between increased revenues and fiscal challenges requiring external borrowing.
Why we’re borrowing despite surplus revenues – FG
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