CBN Introduces Disclosure Policy: CBN Directs Staff to Declare Relatives Employed by the Bank and Connections to Politically Exposed Persons
The Central Bank of Nigeria (CBN) has recently issued a directive requiring its staff to disclose any close relatives employed by the bank and reveal connections to Politically Exposed Persons (PEPs) in the country.
This development comes amid previous criticisms faced by the central bank for alleged recruitment practises that violated federal character laws during the former President Muhammadu Buhari’s administration.
The directive, communicated through a memo signed by Christian Eze, the Deputy Director of the Human Resources Department, mandates all CBN staff members to make declarations of close relatives employed by the bank.
The definition of “close relatives” encompasses spouses, biological and adopted children, siblings, parents, and half-siblings. It also includes cohabiting partners and couples with children.
The memo further instructs employees with close relatives who have previously worked for the CBN, whether serving or retired, to fill out a designated form.
Additionally, staff members who joined the CBN from 2014 onwards are required to declare any relationships with Politically Exposed Persons (PEPs).
Politically Exposed Persons, as defined in the memo, include individuals entrusted with prominent public functions, such as Heads of State or Government, political appointees, state governors, legislators, and others associated with them.
The directive sets a deadline for submissions and warns of sanctions for non-disclosure or false declarations.
Insiders suggest that these disclosure requirements are part of an ongoing investigation led by Special Investigator Jim Obazee.
Appointed by President Bola Tinubu, Obazee is tasked with probing the activities of the CBN and related entities.
The investigation aims to enhance transparency, strengthen probity in key government business entities, and address potential leakages within the CBN and related entities.
The CBN’s move to enforce transparency through staff declarations aligns with broader anti-corruption efforts in Nigeria.
It reflects a commitment to addressing concerns related to nepotism and ensuring accountability within the country’s financial institutions.
Source: The Guardian Newspaper
