Reps urge CBN to comply with its establishment Act

The House of Representatives on Wednesday urged the Central Bank of Nigeria (CBN) to comply with law that established the bank.

The lower chamber particularly asked the apex bank to adhere to Section 50(1) of the CBN Act.

The section 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”.

This was sequel to a unanimous adoption of a motion by Rep. Kingsley Chinda (Rivers-PDP) at the plenary.

Chinda had recalled that the bank was established under the Central Bank of Nigeria (Establishment) Act.

According to him, the CBN has not been complying with the provisions, thereby rendering the law nugatory and of no effect.

The lawmaker, therefore, stressed the need for the CBN to comply with the provisions of the Act.

He said that non-compliance with the law had greatly undermined the image, reputation and effectiveness of the apex bank and as well as undermined the oversight function of the National Assembly.

He said that the breach of the Act constituted an illegality and should not be allowed to stand.

According to Chinda, unless this illegality or anomaly by the CBN is immediately and urgently addressed, the whole essence of the section of the Act would be defeated and rendered useless and nugatory.

He said the bank should ensure that it transmitted to the National Assembly a copy of its annual accounts certified by auditors.

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

He also directed that the resolution should be transmitted to the Senate for concurrence.