The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, continues to be in stormy waters as the House of Representatives has threatened to issue a warrant of arrest over his refusal to honour an invitation by the House.
The Speaker of the House of Representatives, Femi Gbajabiamila made this known at plenary on Thursday.
The Speaker threatened to invoke the provisions of section 89(D) of the 1999 constitution to compel Emiefele to appear before the House.
It would be recalled that the House had summoned the CBN bank directors over the January 31, 2023 deadline for the validity of old N200, N500 and N1,000 notes but the apex bank chief refused to honour the invitation by the green chamber.
However, the CBN governor constantly failed to honour the invitation including the meeting scheduled for Wednesday, January 25. He also didn’t send any representatives.
A letter read on the floor of the House on Thursday, January 26, by the Speaker hinted that Emefiele failed to honour the invitation because he was part of President Muhammadu Buhari’s delegation to Dakar, Senegal.
Despite the explanation, Gbajabiamila appeared not convinced by the CBN chief’s reason, saying the continous absence of Emefiele is unacceptable.
The Speaker said, “The Resolution of the House was predicated on information showing that the rollout of the redesigned naira notes has been an unmitigated failure. This failure has real and dire consequences on the ability of Nigerians to conduct business across the country.
“The refusal by the CBN to heed the invitation by the House of Representatives is evidence of a blatant disregard for the well-being of the Nigerian people who are their customers. It is also an insult to the authority and prerogatives of the people’s parliament.
“Therefore, I will, pursuant to the authority conferred by Section 89 (1)(d) of the Constitution of the Federal Republic of Nigeria and Order 19 (2)(1) of the Standing Orders of the House of Representatives, not hesitate to issue a warrant to the Inspector General of the Nigeria Police Force to compel the attendance of the CBN or Managing Directors who fail, refuse or neglect to respond to the summons by the House of Representatives.”
He noted that the House recognised the CBN 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(CBN), this House will see to it that this provision of the law is honoured in full.”
