Banking Latest News National Assembly

Reps Accuses CBN Of Breaching Provisions Of Enabling Act

The House of Representatives today charged the Central Bank of Nigeria (CBN) to comply with provisions of its enabling Act in respect of the submission of its Annual Accounts to the National Assembly for assessment.

Specifically, the green chamber challenged  the apex bank on the provisions of Section 50(1) of the CBN Act which provides that “the Bank shall, within two months after the close of each financial year, transmit to the National Assembly and the President a copy of its annual accounts certified by the Auditor”.

The resolution of the lower chamber was consequent upon the deliberation and adoption by unanimous vote a motion moved by Honourable Kingsley Chinda (Rivers-PDP) at the plenary.

The lawmaker pointed out that the apex bank was established under the Central Bank of Nigeria (Establishment) Act but that contrary to the provisions cited, it had consistently breaching its enabling law and by implication, making the law nugatory and of no effect.

The lawmaker, while harping on the need for the CBN to comply with the provisions of the Act,submitted that non-compliance with the Act was already undermining the the oversight function of the National Assembly as well as the .image, reputation and effectiveness of the regulatory banking institution.

He pointed out that unless this illegality or anomaly by the CBN is addressed, the whole essence of the section of the Act would be rendered ineffectual.

In his ruling, Speaker of the House, Honourable Yakubu Dogara, mandated the committees on Banking and Currency, and Legislative Compliance to ensure compliance with the resolution.

The Speaker also ordered that the resolution should be transmitted to the upper chamber, The Senate, for concurrence.

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