The House of Representatives on Wednesday warned Central Bank of Nigeria (CBN) to desist from breaching the provisions of Section 50(1) of the CBN Act and ensure that it transmits to the National Assembly a copy of its annual Accounts certified by the Auditor.
The resolution was passed sequel to the adoption of a motion sponsored by Kingsley Chinda (PDP-Rivers), who frowned at the level of impunity being perpetuated by the apex bank.
Chinda stated that the drafters of the Law saw the need for the National Assembly to oversight the operations of the Nation’s financial custodians.
He therefore urged the House to take charge of its statutory oversight functions and in turn ensure the Nigerian people are not short-changed by the non-compliance of the CBN.
“The House is also aware that S.50(1) of the CBN Act 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 House is further aware that the Central Bank of Nigeria (CBN) has not been complying with the above provisions, thereby rendering the law nugatory and of no effect.
“The House notes with concern the need for the Central Bank of Nigeria (CBN) to comply with the Provisions of Section 50(1) of the Central Bank of Nigeria (Establishment) Act, Cap. C4, Laws of the Federation of Nigeria, 2004.
“The House is concerned that non-compliance by the CBN with the above provisions has greatly undermined the image, reputation and effectiveness of the Bank and as well undermine the oversight function of the National Assembly.
“The House regrets the apparent breach of the CBN Act which constitutes an illegality and should not be allowed to stand.
“The House is also concerned that unless this illegality or anomaly by the CBN is immediately and urgently addressed, the whole essence of the said section of the Act would be defeated and rendered useless and nugatory,” Chinda said.
On his part, Ahmed Lawal also emphasized the need for the apex bank need to comply with the laws of the land.
He stated that publishing the records on the CBN’s website was not enough, as the hard copy had to be scrutinized and debated.
To this end, the House mandated the joint Committees on Banking and Currency and Legislative compliance to ensure compliance;
The Lower Chamber also resolved to transmit its resolution of the House to the Senate for concurrence.
KEHINDE AKINTOLA, Abuja
