Central Bank Of Nigeria Act, 2007

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Sanusi Lamido
Central Bank of Nigeria Act, 2007Disqualification and cessation of appointment.
11. – (1) A person shall not remain a Governor, Deputy Governor or Director of the Bank if he is -
(a) a member of any Federal or State legislative house; or
(b) a Director, officer or employee of any bank licensed under the Banks and Other Financial Institutions Act.
(2) The Governor, Deputy Governor or 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 criminal offence by a court of competent jurisdiction except for traffic offences or contempt proceedings arising in connection with the execution or intended execution of any power or duty conferred under this Act or the Banks and Other Financial Institutions Act;
(c) is guilty of a serious misconduct in relation to his duties under this Act;
(d) is disqualified or suspended from practicing his profession in Nigeria by order of a competent authority made in respect of him personally;
(e) becomes bankrupt;
(f) is removed by the President:
Provided that the removal of the Governor shall be supported by two-thirds majority of the Senate praying that he be so removed.
(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 of Director of the Bank dies, resigns or otherwise vacates his office before the expiry of the tem 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 if the vacancy is that of -
(a) the Governor or a Deputy Governor, the appointment shall be made in the manner prescribed by section 8(1) and (2) of this Act; and
(b) any Director, the appointment shall be made in the manner prescribed by section 10(1) and (2) of this Act.