CBN, Others Back Moves to Relieve President of Powers to Forfeit Assets

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The Central Bank of Nigeria (CBN) and other stakeholders Tuesday backed moves by the National Assembly to amend the Currency Conversion (Freezing Orders) Act, 2004 to give discretionary powers to the judge of the High Court to order forfeiture of assets of affected persons.

Speaking at a public hearing organised by the House of Representatives Committee on Banking and Currency, the CBN’s Deputy Director, Mr. Adedeji Lawal, who represented the bank’s Governor, Mr. Godwin Emefiele, also suggested that the bill should direct the court to forward the order to the CBN governor for compliance.

But the committee said directing the court on what to do was tantamount to legislative anarchy.

Other agencies present at the hearing included the Director General of the Debt Management Office (DMO), Mrs. Patience Oniha, representatives of the Nigerian Deposit Insurance Corporation (NDIC) as well as the Nigerian Export- Import Bank (NEXIM).

Although Oniha wouldn’t speak on the bills, understandably because it affected the president, she didn’t oppose it, nonetheless.

Details later…


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