Professor Mujahideen Oliyide, a financial expert and Professor of Financial Law at Olabisi Onabanjo University, has called for amendments to the Central Bank of Nigeria (CBN) Act to establish proper checks and balances within the apex bank. During his 111th Inaugural Lecture at the university, Oliyide proposed that the CBN’s internal management and operating principles should be restructured to ensure separation between the Board and Management of the bank.
He emphasized that the Board should become the highest decision-making body responsible for policy-making and oversight activities over the management, while the management focuses on the day-to-day governance of the bank. Oliyide also recommended that the CBN Governor’s powers should be balanced, preventing overconcentration of governing powers and promoting corporate governance ideals.
In addition, Oliyide criticized the appointment of Godwin Emefiele as CBN Governor, considering it a wrong choice that negatively impacted Nigeria’s economic, social, and political conditions. He argued that the CBN is overloaded with multifarious activities and should be unbundled, suggesting that a new institution be established for regulating other financial entities while the CBN concentrates on regulating money.
Oliyide also advocated for the legalization of cryptocurrencies in Nigeria, stating that they are a characteristic of banking advancement driven by technology. He recommended the establishment of a robust regulatory framework for cryptocurrencies and even suggested that ECOWAS (Economic Community of West African States) might consider adopting cryptocurrencies as a common currency for the sub-regional organization to address currency integration challenges.
Overall, Oliyide’s recommendations aim to enhance transparency, governance, and technological innovation within Nigeria’s financial and banking sectors.