SCOPE OF THE PRESIDENT’S POWER TO REMOVE A CENTRAL BANK GOVERNOR UNDER NIGERIAN LAW: A CRITICAL ANALYSIS

Abstract

This article has examined the exercise of presidential removal power in Nigeria, locating it in the context of the removal of the erstwhile Central Bank governor, Mr. Godwin Emefiele. It has examined the law governing the dismissal of a Central Bank Governor, exploring whether the framework relates to special institutions such as the CBN and employees enjoying statutory protection. What this Article has established is that the President lacks the power to unilaterally remove the Central Bank Governor from office. Even if he wants the Central Bank Governor gone at all costs, he can only do so with the assent of the Senate or by a valid order of the court.84 Indeed, there are some drawbacks and genuine costs to the President unilaterally firing the head of a statutorily important body such as the Central Bank. For instance, section 2 of the CBN Act provides that the Bank’s principal duties shall include ensuring monetary and price stability, issuing of legal tender currency in Nigeria, maintaining the country’s external reserves to safeguard the international value of its currency, promoting a sound financial system, and acting as Banker and provide economic and financial advice to the Federal Government.85 With such a very important mandate, which may in fact be considered a matter of national interest, it is clear the office cannot be left to the shenanigans of politics, or the whims and caprices of the President. Ensuring adequate guardrails must have informed the dual requirement on the procedure for removing the Central Bank Governor. In closing, beyond lacking the power to unilaterally remove a Central Bank Governor, the President has an obligation to faithfully execute the provisions of the Constitution and every other law in the country. To this end, it is imperative that the current framework on the removal of the Central Bank Governor is not just respected, but importantly, it must be defended vigorously by all stakeholders in the constitutional system, with the President leading from the front. This is the only way to ensure the continuous development of the country's constitutional democratic framework.