The Speaker of the House of Representatives, Femi Gbajabiamila, yesterday said he will not hesitate to ask the Inspector-General of Police (IGP), Usman Baba, to issue a warrant of arrest on the Central Bank of Nigeria (CBN), Governor, Godwin Emefiele to compel him to appear before the House.
The Speaker said this in reaction to the report presented by the Majority Leader, Alhassan Doguwa, who is the chairman of the ad hoc committee set up to interface with the Bankers Committee and the CBN.
The House had summoned Emefiele and bank directors over the January 31st deadline for the validity of the old N200, N500 and N1,000 notes, but they failed to show up, which the Speaker described as “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 wellbeing 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 continued: “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.”
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.
House invitation
Doguwa had informed the House that “The committee invited the CBN yesterday (Wednesday), to come with the officials of the Central Bank. I want to say, with all sense of responsibility that the committee was delayed by the absence – flagrant refusal of the CBN to make an appearance.
“The Governor was not there and no other person came in place of the CBN Governor. My committee sat without them. We spoke with the liaison of the CBN and he said they got the letter late. As an institution, we gave them a benefit of the doubt. We gave them 1p.m.,” he said.
Since the unveiling, the circulation of the new notes has been a challenge, as both the CBN and commercial banks have been engaged in blame games on the availability of the new notes.
While the apex bank accuses the banks of hoarding the new notes, saying it has massively supplied the new notes to commercial banks to dispense both at counters and automated teller machines (ATMs), the banks insist there are shortages as customers continue to complain of unavailability, a development that has led to widespread calls for the extension of the deadline.
