12. (1) No person shall be appointed or shall remain
Governor, Deputy Governor or Director of the Bank if he is
(a) a member of any Federal or State legislative house;
(b) a Director, officer or employee of any bank licensed
under the Banks and Other Financial Institutions Decree 1991.
(2) The Governor, any Deputy Governor or any Director shall
cease to hold office in the Bank if he -
(a) becomes of unsound mind or, owing to ill health, is
incapable of carrying out his duties;
(b) is convicted of any offence involving dishonesty or any
other offence the maximum penalty of which exceeds imprisonment for six months;
(c) is guilty of a serious misconduct in relation to his
duties under this Decree;
(d) is disqualified or suspended from practising his
profession in Nigeria by order of a competent authority made in respect of him
personally;
(e) becomes bankrupt or suspends payments or compounds with
his creditors.
(3) The Governor or any Deputy Governor may resign his
office by giving at least three months notice in writing to the President of
his intention to do so; and any Director may similarly resign by giving at
least one month's notice in writing to the President of his intention to do so.
(4) If the Governor, any Deputy Governor or any Director of
the Bank dies, resigns or otherwise vacates his office before the expiry of the
term for which he has been appointed, there shall be appointed a fit and proper
person to take his place on the Board for the unexpired period of the term of
appointment in the first instance -
(a) if the vacancy is that of the Governor or a Deputy
Governor, the appointment shall be made in the manner prescribed by section
9(1) of this Decree; and
(b) if the vacancy is that of any Director, the appointment
shall be made in the manner prescribed by section 11(1) of this Decree.
Please let me know your thoughts about this. Is there
anything here that suggests that the president can sack a CBN Governor?
