CBN Directs Staff to Declare Close Relatives and Connections with Politically Exposed Persons

• The Central Bank of Nigeria mandates staff to declare close relatives employed by the bank and connections to Politically Exposed Persons
• The directive aims to enhance transparency and compliance with employment regulations, following criticism of nepotism during previous administrations

The Central Bank of Nigeria (CBN) has issued a directive requiring its staff to declare any “close relatives” employed by the bank and disclose connections to Politically Exposed Persons (PEPs) in the country. This move follows previous criticism of the CBN during former President Muhammadu Buhari’s regime for allegedly recruiting family members of top government officials without proper advertisement of vacancies, violating federal character laws.

The directive, outlined in a memo signed by Christian Eze, the Deputy Director of the Human Resources Department, instructs staff to submit declarations by noon on Friday, November 10, 2023. Staff members must disclose close relatives employed by the bank, defined as spouses, biological and adopted children, siblings, parents, and half-siblings. The definition of spouses includes cohabiting partners and couples with children.

The memo emphasized the restriction on employing close relatives of serving staff and board members. Staff with close relatives who had previously worked for the bank were directed to fill out a form. Additionally, employees who joined the CBN from 2014 onwards must declare any relationships with PEPs.

PEPs, as defined in the memo, include individuals entrusted with prominent public functions in Nigeria or foreign countries or by an international organization, as well as people/entities associated with them. The directive set a deadline for submissions and warned of sanctions for non-disclosure or false declarations.

The recent disclosure requirements are reportedly part of an ongoing investigation by Special Investigator Jim Obazee, whom President Bola Tinubu appointed to probe the activities of the CBN and related entities. Obazee’s investigation is focused on strengthening probity, blocking leakages, and ensuring transparency in key government business entities.

In his appointment letter, President Tinubu directed the special investigator to produce a comprehensive report on public wealth held by corrupt individuals and establishments, investigate the CBN and related entities, and work with relevant security and anti-corruption agencies to deliver on the assignment.