Home News Reps asks CBN to comply with provisions of Establishment Act

Reps asks CBN to comply with provisions of Establishment Act



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

Central Bank of Bank CBN
Central Bank of Bank

The lawmakers flawed the CBN for failing to comply with the provisions of Section 50(1) of the its 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 upon and subsequent unanimous adoption of a motion moved by Honourable Kingsley Chinda (Rivers-PDP) at the plenary session.

Chinda noted that the apex bank was established under the Central Bank of Nigeria (Establishment) Act but that contrary to the provisions of its enabling Act, it had consistently failed to comply with the said provisions requiring it to submit its yearly audited accounts to the legislature, making the law nugatory and of no effect.

While stressing on the need for the CBN to comply with the provisions of the Act,

the lawmaker also submitted that non-compliance with the Act was already undermining the oversight function of the National Assembly as well as the .image, reputation and effectiveness of the regulatory banking institution.

The lawmaker expressed grave concern 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, the Right Honourable Yakubu Dogara, mandated the committees on Banking and Currency, and Legislative Compliance to ensure compliance with the resolution.

The Speaker also directed that the resolution be transmitted to the Senate for concurrence.