2023: Does CBN Act compell Emefiele to resign?


The Governor of the Central Bank of Nigeria, Godwin Emefiele on Friday declared his intention to succeed President Muhammadu Buhari at the end of his tenure.

The decision of Emefiele to contest in the 2023 has stirred reaction as some Nigerians have called for his resignation as the Governor of the apex bank.

The CBN Act compell the CBN Governor to resign at certain instances.

The Act states, “(1) A person shall not remain a Governor, Deputy Governor if he is –

(a) a member of any Federal or State legislative house; or

(b) a Director, officer or employee of any bank licensed under the Banks and Other Financial Institutions Act.

(2) The Governor, Deputy Governor or Director shall cease to hold office in the Bank if he –

(a) becomes of unsound mind or, owing to ill health, is incapable of carrying out his duties;

(b) is convicted…

(d) is disqualified or suspended from practicing his profession in Nigeria by order of a competent authority made in respect of him personally: (e) becomes



removed by the President: Provided that the removal of the Governor shall be supported by two-thirds majority of the Senate praying that he be so removed.


The acts states that the Governor or any Deputy Governor may resign his office by giving at least three months’ notice in writing to the President of his intention to do so and any Director may similarly resign by giving at least one month’s notice in writing to the President of his intention to do so.

It adds that if the Governor, any Deputy Governor of 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 in the first instance.