Follow Us on Google
From Uche Usim, Abuja
Facts have emerged as to why the acting Central Bank of Nigeria (CBN) Governor, Dr Yemi Cardoso and his four deputies; Mrs. Emem Nnana Usoro; Mr. Muhammad Sani Abdullahi Dattijo; Mr. Philip Ikeazor and Dr. Bala Bello, assumed duties at the weekend without confirmation by the Senate.
This comes as economic and financial experts maintained varied positions over the legality or otherwise of their assumption.
Sources told Daily Sun that the five officers are to closely work with the Jim Obazee-led special investigative panel constituted by President Bola Tinubu by feeding the investigators with information mined from within which those under investigation may not want to divulge.
“Though the new CBN management may be outsiders, don’t forget staff and stakeholders who may not love the way the former management led by Godwin Emefiele ran the apex bank will be more than willing to disclose vital information to the investigators, via the new management, to help speed up their task and allow the new appointees sail smoothly.
“Again, these new officials are eager to demonstrate capacity and as such, they will bring their experiences to bear both in helping with the investigation and pooling strategies to reset the apex bank. The rot is huge and every second counts.
“So, since they are coming in in acting capacity, it was proper to allow them assume duties and not wait till the Senate reconvenes. The president already announced the replacement of the former management who resigned their appointments. So, we can’t have a vacuum. People need to steer the ship of the apex bank and this is legal because the new officials will still secure the Senate’s nod to operate in substantive capacities once the upper chamber resumes.
“There is so much work to be done as the economy bleeds. There is certain information the panel does not have, neither can the members get the true picture of events on certain matters but with a new management in place, it is believed that things will fall in line quicker”, a source told Daily Sun.
It was further gathered that the investigators have begun inviting CBN officials at some branches to provide illumination on some grey matters, especially foreign exchange transactions and intervention facility disbursements.
Meanwhile, analysts are divided over the legality of the assumption of duties by the new CBN management. While some noted that the move was in order, others insisted it was a clear violation of the CBN Act, which states that a CBN Governor would assume duties after confirmation by the Senate, which is currently on recess.
Nigeria’s professor of the capital markets, Uche Uwaleke, told Saturday Sun that while the decision to appoint a new CBN governor and deputies may be a noble one designed to restore the integrity of the apex currently under probe, the procedures and processes must be in tandem with the law.
He said: “Much as having a substantive CBN Governor, as quickly as possible, is in the interest of financial markets, it’s important that due process, as stipulated in the CBN Act, be followed.
“I had expected the convening of an emergency meeting of the Senate to confirm the nominees of the President before assumption of office”.
Prof Uwaleke added that the danger of not getting Senate’s clearance before assumption of duties is that “what if they don’t get cleared by the Senate? They would have taken serious monetary policy decisions without getting the necessary legislative clearance as stipulated by the CBN Act”, he stated.
But the Chief Executive Officer, Centre for the Promotion of Private Enterprises (CPPE), Dr Muda Yusuf in a telephone conversation with Saturday Sun, said the move was in order as the new CBN management were all working in acting capacity.
“Dr Cardoso is not a substantive governor. Neither are the four deputies. They’re acting.
“Since the president removed the governor and deputies, we can’t have a vacuum.
“People have to act and that is exactly what is playing out”, he said.
