Chidoka a former minister of aviation has taken issue with Tinubu’s administration on the appointment of the CBN Governor and deputies

Concerns have been voiced by Osita Chidoka, who formerly served as the country’s Minister of Aviation, regarding the manner in which the new Governor of the Central Bank and his deputies were appointed to their positions

He said that the appointment made by President Bola Tinubu’s government was in direct contravention of the provisions of the CBN Act.

He made the following statement: “The growing lawlessness and Gestapo tactics the government was deploying to achieve its objectives would deepen the damage the immediately preceding administration did to the country.”

This declaration was made by Chidoka in the form of an open letter addressed to Mr. Lateef Fagbemi, SAN, the Minister of Justice and Attorney General of the Federation.

He gave the Minister the advice to reconsider removing from office people who should have the freedom to make their own decisions and who needed the permission of the Senate before they could be removed from office.

He was perplexed as to why the President had chosen four Deputy Governors all at once, and he inquired whether the prior Deputy Governors had resigned in the same manner as Godwin Emefiele, the Governor who had previously held the position.

According to him, “the CBN Act prioritized experience and the need for continuity, noting that the Senate went beyond their powers by granting all four Deputy Governors a five-year term, if actually it did.” This was said in reference to the fact that “the CBN Act noted that the Senate went beyond their powers by granting all four Deputy Governors a five-year term.”

He argued that the event had set a poor example for future actions and was an example of the administration’s high level of contempt for rules, which was becoming the administration’s signature trait.

According to Chidoka, the CBN Act stipulates that the Governor and Deputy Governors shall each be eligible for reappointment for another term not exceeding five years and shall each be appointed initially for a period of five years. The maximum number of terms that can be served in total is five.

He went on to recommend that the AGF approach any former Deputy Governors who are still in office and convince them to step down in private before exercising their rights.

Additionally, he was of the opinion that the minister ought to request that the Senate revise its clearance to reflect the provisions of Section 11 (4) so that the new CBN management might bring an end to the terms of office of their predecessors.

According to him, the government would have also complied with the requirement for the Deputy Governors to quit the bank in a staggered way in order to retain continuity and experience if they had done what he suggested. This would have been accomplished by doing what he suggested.

In one section of the letter, it was written as follows: “Today’s crux of my letter is the gross violation of the CBN Act in appointing the new Central Bank Governor and the Deputies.” To begin, Section 8 (2) of the CBN Act stipulates that the Governor and Deputy Governors are to be appointed in the first instance for a period of five years, and that they are each eligible for reappointment for another term not exceeding five years. This provision applies to the initial appointment of the Governor and Deputy Governors. An essential stipulation was added, which stated, “Provided that, of the first four Deputy Governors to be so appointed, one shall in the first instance be appointed for three years and two shall in the first instance be appointed for four years.” This was a significant change. The CBN Act placed a premium on both the value of experience and the requirement for continuity. In the event that they did it, the Senate exceeded its authority by granting each of the four Deputy Governors a tenure of five years. But the more pressing problem is figuring out why the President appointed all four Deputy Governors at the same time. Have all of the former Deputy Governors resigned in the same manner as the Governor?

“As a senior legal practitioner and learned silk, my dear AG, I believe you will not offer your imprimatur to this increasing lawlessness. I am certain in this assertion. My advice would be to locate any former Deputy Governors and convince them to step down in a non-public manner before they attempt to assert their legal entitlements. Also, make a request to the Senate to change their clearance to reflect the provisions of Section 11 Subsection 4 (so that the incoming CBN management can finish the terms of their predecessors). On this basis, the government would be in compliance with the requirement that the Deputy Governors must leave the bank in a staggered manner in order to preserve continuity and experience.