Following a report by Sahara Reports that the CBN has sacked a number of Nigerian bank CEOs, a lot of discussion arose about whether this was part of the “Northern Agenda” to witch-hunt southerners and to generally re-colonize the south. There was also a lot of general applause for the CBN governor on this action…

BUT: Nigerians are incredibly apt to ask the wrong questions. The appropriate question to ask is this: Does the CBN have any statutory authority to intrude into the private sector in this manner? Unless the banks are owned by the government, how can the CBN legitimately “sack” private sector bank CEOs?