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Home Sectors Financial Services

CBN claims no immunity for Emefiele as it fires back at NESG

Nairametrics by Nairametrics
September 9, 2020
in Financial Services, Spotlight
diaspora remittances, Total credit to the economy rose to N19.54trillion – CBN Governor, CRR debits, P-AADS, #EndSARS: CBN says funds in frozen accounts may be linked to terrorist activities, Covid-19: Court closures impacted revenue generation for courts - Emefiele, P&ID dispute: UK Court orders $200 million guarantee to FG, Leaked letter by Poultry Farmers Association triggered CBN emergency approval to import maize, nImplications of CBN's latest devaluation and FX unification, current account deficit, IMF, COVID-19, CBN OMO ban could give stocks a much-needed boost , CBN’s N132.56 billion T-bills auction records oversubscription by 327% , Nigeria pays $1.09 billion to service external debt in 9 months , Implications of the new CBN stance on treasury bill sale to individuals, Digital technology and blockchain altering conventional banking models - Emefiele  , Increasing food prices might erase chances of CBN cutting interest rate   , Customer complaint against excess/unauthorized charges hits 1, 612 - CBN , CBN moves to reduce cassava derivatives import worth $600 million  , Invest in infrastructural development - CBN Governor admonishes investors , Credit to government declines, as Credit to private sector hits N25.8 trillion, CBN sets N10 billion minimum capital for Mortgage firms, CBN sets N10 billion minimum capital for Mortgage firms , Why you should be worried about the latest drop in external reserves, CBN, Alert: CBN issues N847.4 billion treasury bills for Q1 2020 , PMI: Nigeria’s manufacturing sector gains momentum in November, CBN warns high foreign credits could collapse Nigeria’s economy, predicts high poverty, MPC Member, BVN, Fitch, Foreign excchange (Forex), Overnight rates crash after CBN’s N1.4 trillion deduction, Nigeria’s foreign reserves hit $36.57 billion; Emefiele keeps his word on defending the naira, CBN to support maize farmers, projects 12.5 million metric tons in 18 months, BREAKING: CBN Upscales Greenwich Trust Limited, grants it's operational license for merchant banking, AGSMEIS: CBN expand beneficiaries to 14,638., CBN expands access to mortgage financing

CBN Governor, Godwin Emefiele

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The Central Bank of Nigeria fired back at the NESG following a Businessday report that accused the bank of seeking immunity for CBN Governor, Godwin Emefiele in the proposed Banking and Other Financial Institution (BOFIA) Bill.

In a press release published on the website of the central bank, it addressed wide-ranging claims made against it by the National Economic Summit Group (NESG) which purportedly leaked to Business Day, a newspaper in Nigeria. In the article published on Tuesday, the newspaper alleged “business leaders opposed bill to give CBN Governor immunity” according to section 51 of the proposed bill.

“Section 51 of the Bill which grants immunity from judicial intervention to the Federal Government, the CBN, or any officer of the Federal Government or the CBN from any action, claim or liability to any person in respect of anything done in the exercise of their duties under the Bill.”

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What section 51 actually says

“neither the Federal Government nor the Bank nor any officer of the Federal Government or the Bank, shall be subject to any action, claim or demand by or liability to any person in respect of anything done or omitted to be done in good faith in pursuance or in execution of, or in connection with the execution or intended execution of any power conferred upon that Government, the Bank or such officer, by or under this Bill or the CBN Act or any rules, regulations, guidelines or directives issued thereunder or pursuant to any other relevant laws,” 

READ: Emefiele insists CBN will not sell forex for importation of items produced in Nigeria

CBN fires back

The CBN retorted that the section claimed to be granting immunity to the Governor of the Central Bank already exists as Section 53 in the old Act long before Emefiele became Governor.

“On the revisions to the BOFIA Act, there are many reasons why we see a total ignorance or malicious intent on the part of the NESG. First, the provision they refer to as being currently conceived as part of the new BOFIA already exists as Section 53 in the old Act, which is now Section 51 in the amended Act passed by the National Assembly. The current bill has not proposed any changes to that section at all.”

The CBN also explained that the provisions in section 51 do not provide any immunity to the CBN Governor as it would for elected Governors of States of the Federation but rather it protects the apex bank and their officials against litigations brought forward against it for actions it may have taken in good faith.

“Second, contrary to their misleading anxiety and associated reportage, the provision of Section 51 does not purport to confer immunity on the Governor of the Central Bank of Nigeria like that which obtains for State Governors. Rather, this provision protects the Federal Government, the Central Bank of Nigeria and their respective officials against adverse claims for actions or omission in good faith exercise of powers under BOFIA and other specified statutes including the Central Bank of Nigeria Act and regulations made thereunder.”

READ: Forex crisis: Those patronizing parallel market will lose money – CBN Governor

Businessday/NESG Claims

In the Businessday report, it cited a quote from an unnamed CBN Governor who wondered why the bill would include such a provision alleging it was to provide immunity for the Governor.

“What would a governor of the central bank need this immunity for?”, asked a former governor of the apex bank who spoke to our reporter….you already have in BOFIA a section that requires anyone to first write the governor before he or she can sue the governor. The governor does not need the kind of immunity we are talking about and I do not think there is any sensible country in the world with a provision like this. What do we do if it happens that a governor contravenes the very law establishing the bank”?

It also quoted the NESG reporting that it “also kicked against granting immunity to the CBN and its officers from judicial review of acts undertaken in the exercise of their administrative duties.”

Who is on the right track

Reading between the lines, one does not need a lawyer to explain that the provision in the passed bill is not new and surely was not introduced by the current governor to protect himself from immunity. The provision has been in BOFIA (the existing law) and is also included in other laws setting up regulatory bodies such as the Securities and Exchange Commission (SEC), AMCON, NDIC, and even the CBN.

The provision basically protects regulatory bodies from being sued indiscriminately by parties to whom they may have carried out action against. For example, in the case of sacking the board of a failed bank, the directors may sue to get an injunction against the central bank curtailing its powers to take swift action where necessary.

The Optics

It appears critics are now throwing the kitchen sink at the CBN Governor for actions they deem “unpopular” even if it means raising false alarms. Since 2015 when Nigeria’s economic crisis begun, Godwin Emefiele has come under severe criticisms in his handling of monetary policy and management of the exchange rate.

Thus, no matter his intent, critics view his actions with skepticism and caution suggesting a lack of trust between them and his leadership of the CBN. Despite a deluge of criticisms, he remains in favour of the current government after his second term was renewed. He is the first CBN Governor to serve two terms since Abdulkadir Ahmed whose term ended after 10 years in September 1993.


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Tags: Banking and Other Financial InstitutionBOFIACentral Bank of NigeriaFeaturedGodwin Emefiele
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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Comments 2

  1. Mike says:
    September 9, 2020 at 2:13 pm

    What the fuck is this article Nairametrics? I’m ashamed of you guys. What a let down. To think I used to hype you guys for your reporting. Shameful!

    Reply
  2. Edward Osaro Ighodaro says:
    September 9, 2020 at 3:11 pm

    You are definitely doing a fantastic job,we, your followers are surely getting better informed by your reportage on the economic activities of the Nigerian economy.Can you do an article on the best way to manage the Naira? On my own I think disbursement of dollars cash to BDCs is wrong,the proposed two hundred million dollars weekly to BDCs in cash dollars is to further encourage smuggling into the country and capital flight, why not give them the weekly allocations in travelers cheques (T.C) that is easier to monitor, how or what the end user is using it for? Again that will also discourage those that wants to hide their ill gotten wealth in the dollars, because the cash dollar is easier to handle than travelers cheques.I don’t why the selling of PTA and BTA by Banks should not be by travelers cheques and every other foreign transfers by T/T telegraphic transfers,this will enable the authority know to what use the funds are put to use. You can not monitor the movement of cash once disbursed. We the citizens have to help the authority for the survival of our economy, foreigners are your friend when your economy is buoyant but will move on when you are in distress. The best way to preserve what you already earned or have is to help the authority to sustain the economy, other wise devaluation of the country currency will reduce your net worth any time happened. Thank you.

    Reply

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