Student leaders Valentine Ziko & Nesbert Munyuki have given President Emmerson Dambudzo Mnangagwa a 5-day ultimatum to rescind his appointment of Dr John Mushayavanhu as Governor of the Reserve Bank of Zimbabwe (RBZ).

The two who are members of the Zimbabwe National Students Union are arguing that his appointment to head the central bank is afflicted with legal irregularity.

Their lawyers from the Zimbabwe Lawyers for Human Rights confirmed the development.

According to the Zimbabwe constitution enacted in 2013, no person shall hold the post of RBZ Governor when he is a shareholder in any banking institution.

It reads; A person shall not be appointed as Governor or Deputy Governor and no person be qualified to hold office as Governor or Deputy Governor if

a) he is a director, shareholder, officer or employee, or a member of any board or committee of any institution.

Mushayavanhu is said to have 7 percent shares in FBC Bank which he owned as recent as this year.

Mushayavanhu’s shares were revealed in a news article where FBC concluded the purchasing of Standard Chartered Bank and a breakdown of FBC shareholders shows that the new Governor is a part owner of the financial institution.