Transparency drive: CBN cracks down on corruption, orders staff to disclose PEP relationships
By Sodiq Adelakun
The Central Bank of Nigeria (CBN) has taken a significant step towards transparency by ordering its staff members to disclose any Politically Exposed Persons (PEPs) and their relatives who have been employed by the bank in the last nine years.
In a memo signed by the CBN’s deputy director of human resources department, Christian Eze, staff members who joined the bank from 2014 to date were asked to disclose any relationships they have with PEPs by completing a form. The move is aimed at promoting accountability and preventing corruption within the bank.
The CBN clarified that a close relative includes a spouse, biological and adopted children, brother, sister, mother, father, and half-siblings.PEPs are individuals who hold prominent public functions in the country or foreign countries, international organizations, and people or entities associated with them.
This includes heads of state or government, political appointees, state governors, senior politicians, legislators, local government chairmen, important political party officials, family members or close associates of PEPs, senior government, judicial or military officials, members of royal families, and senior executives of state-owned corporations.
The CBN’s move towards transparency is a positive step towards preventing corruption and promoting accountability within the bank. By disclosing any relationships with PEPs, the bank can ensure that its staff members are not involved in any conflicts of interest or unethical practices. This will ultimately benefit the Nigerian people and the country’s economy as a whole.
The apex bank noted in the memo, the management’s restriction on the employment of close relatives of serving staff and board members.
“Consequently, all staff are obliged to make declarations of close relatives in the employment of the Bank,” the memo reads.
According to the memo, which was signed by the Director of Human Resources, stated that the move was aimed at ensuring transparency and fairness in the recruitment process.
All submissions are expected to be made on or before 12 noon, Friday, November 10, 2023. Failure to comply with this directive or providing false information will result in sanctions.
According to former registrar of the Chartered Institute of Bankers of Nigeria (CIBN), Uju Ogubunka the CBN is striving to maintain impartiality in its operations.
He said, “It is more like trying to ensure that whatever they do, they are doing it without bias and to do it within the confines and laws of the CBN.”
He stated that the bank is committed to adhering to the laws and regulations governing its activities.
Ayodele Akinwunmi, a relationship manager at FSDH Merchant Bank Limited, also noted that such measures are common in the financial industry. He emphasised the importance of the CBN maintaining political neutrality.
It is worth noting that the CBN has faced criticism in the past for allegedly recruiting family members of top government officials without advertising the vacancies to the public.
This move is seen as a step towards addressing such concerns and promoting transparency in the recruitment process.
In July 2023, President Bola Ahmed Tinubu appointed Jim Obazee, a former CEO of the Financial Reporting Council of Nigeria, to investigate the activities of the CBN and related entities.
