Barring any last-minute change, the House of Representatives will on Tuesday reconvene to issue a warrant of arrest on the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
Speaker of the House of Representatives, Femi Gbajabiamila had at the resumption of plenary on Thursday threatened a warrant of arrest on the Emefiele should he fail to appear before the ad-hoc committee of the House constituted to interface with the Apex Bank and the chief executive officers (CEOs) on the January 31, deadline for the withdrawal of old naira notes
The speaker insisted that the House would exercise its powers as contained in Section 89 of the 1999 constitution against the CBN governor and bank CEO’s who refused to honour the invitation of the House.
Gbajabiamila said instead of the House adjourning plenary till February 28 for the elections as planned, the lawmakers would reconvene on Tuesday to take an action against Emefiele and other bank chiefs who fail to show up.
When the 1pm deadline given to Emefiele and his team elapsed, Gbajabiamila was still presiding over the plenary at about past 3pm and said he would sign the warrant of arrest on Tuesday.
“I have no choice now. On Tuesday when we resume to invoke the provision of section 89 of the constitution. You must remember that the summons of CBN was simply based on a motion to clarify a gap and to know where the problem lies. Bankers are saying that they don’t have sufficient new notes to dispense to the commercial banks, on the other hand, the regulator, the CBN is saying that yes, they do have enough note to dispense. So, somewhere in there lies the truth and it sought to look for what to do about it. How can we get these monies to the public? The president gave his approval based on what he was told. So, on Tuesday, this will follow the proper procedure and invoke or provision of section 89 to compel the presence of the CBN,” he said.
The speaker who had noted earlier that Emefiele was his friend, pointed out that he would not hesitate to demand the inspector-general of police to effect the CBN governor’s arrest and forceful appearance before the House.
Gbajabiamila also noted that the CBN Act allows the admittance of an old naira note by banks, even after it had ceased to be legal tender.
“The House of Representatives recognises the Central Bank of Nigeria’s authority to determine the country’s legal tender and to recall currency with reasonable notice, subject to the approval of the president. The House is also aware that Section 20 (3) Central Bank of Nigeria (CBN) Act mandates the CBN to redeem the face value of the recalled currency upon demand, even after the expiration of the notice of recall. Notwithstanding the deadline imposed by the Central Bank of Nigeria, this House will see to it that this provision of the law is honoured in full,” Gbajabimila added.
Meanwhile, representatives of the chief executive officers of commercial banks who appeared before the ad-hoc committee declared that banks were bound by the guidelines of the (CBN) as their regulator in the implementation of the cashless policy.
