E-Financial
CBN Orders Staff to Declare Links with Politically Exposed Persons
Central Bank of Nigeria (CBN) has directed its staff members to declare their ‘close relatives’ in the employment of the bank.
Premium Times reported that it sighted a memo by signed by Christian Eze, deputy director of Human Resources Department, CBN, which directed CBN staffers to declare their relationships with Politically Exposed Persons (PEPs) in the country.
“Please recall Management’s restriction on the employment of close relatives of serving staff and board members,” the memo reads.
“Consequently, all staff are obliged to make declarations of close relatives in the employment of the Bank.”
The apex bank explained that a close relative is defined as a spouse, biological and adopted children, brother, sister, mother, father and half-siblings.
“Spouse and spousal relationships include cohabitation, live-in partners, couples living together and couples who have children together,” it added.
The bank thereafter directed all staff whose close relatives have been in the employment of the bank (serving or retired) to complete a form.
In addition, the bank said staff who joined the services of the Bank from 2014 to date and have relationships with Politically Exposed Persons (PEPs) are also required to disclose such by completing the form.
“For clarity, a PEP is an individual who is or has been entrusted with prominent public functions in Nigeria or Foreign countries or by an International Organization and people/entities associated with them.
“PEPs include Heads of State or Government, Political appointees to Heads of State or Government, State Governors, Senior Politicians, Legislators (Federal, State and Local Government), Local Government Chairmen, Important political party officials, Family members or close associates of PEPs, Senior Government, Judicial or Military Officials, Members of Royal Families, Senior Executives of State-owned Corporations.”
The bank said all submissions should be made on or before 12 noon, Friday, 10 November, 2023.
It warned that non-disclosure or false declaration shall attract sanctions.
The CBN had come under fire during President Muhammadu Buhari’s regime for secretly recruiting dozens of family members of top government officials, including children of ministers, serving and former government functionaries and a nephew of Mr Buhari.
The recruitment was done without advertising the vacancies to allow other Nigerians to apply, as required by law. It was also done in flagrant disregard of Nigeria’s federal character law.
The beneficiaries of that 2016 controversial recruitment, according to a list released by SaharaReporters at the time, include a nephew of President Buhari, daughter of former Vice President Atiku Abubakar, son of the Minister of State for Petroleum Resources Ibe Kachikwu, and daughter of former Speaker of the House of Representatives, Ghali Na’aba.
Others include the daughter of the then Police Inspector-General, Solomon Arase, son of the Minister of Internal Affairs, Abdulrahman Danbazzau, among others.
Independent revenue remittance by the Government-Owned Enterprises (GOEs) moved from ₦200 billion in 2013 to over ₦2 trillion in 2024, Fiscal Responsibility Commission (FRC) confirmed the updated figure, on Wednesday.
FRC attributed the surge to collaboration between it and House of Representatives Public Accounts Committee (PAC).
Speaking at 2025 National Conference on Public Accounts and Fiscal Governance, held at the Transcorp Hilton, Abuja, Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, Esq however notes with concern persistent challenge despite achievements. He cited weak enforcement mechanisms, limited public awareness, and the slow domestication of the FRA at the subnational level as according to him, only 26 out of 36 states have adopted similar laws.
He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.
Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the exclusive legislative list. He urged federal and sub-national actors to align their fiscal policies under the renewed hope agenda of President Tinubu’s administration.
Muruako called on state and local government operators across Nigeria to adopt and fully implement fiscal responsibility laws in line with the federal framework.
The event organized by House of Representatives Public Accounts Committee (PAC), brought together key financial stakeholders to discuss strategies for promoting transparency and sustainable development in Nigeria’s public financial management.
He lauded administration’s of president Bola Ahmed Tinubu commitment to strengthening financial policies aimed at driving economic growth. He emphasized that states and local governments must “key into” the Fiscal Responsibility Act (FRA) to ensure fiscal discipline and alignment with federal financial standards.
Highlighting a critical legislative gap, Muruako noted that the FRA 2007 currently outlines 54 offenses but does not prescribe punishments for offenders. He called for the urgent amendment of the Act to include stronger penalties, thereby enhancing compliance and service delivery.
“The Act must be amended speedily for efficiency and to deliver real value to Nigerians,” he stressed.
He congratulated the PAC, led by Hon. Bamidele Salam, for hosting the conference, which he described as a pivotal step toward strengthening accountability in the public sector.
He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.
Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the Exclusive Legislative List. He urged federal and subnational actors to align their fiscal policies under the Renewed Hope agenda of President Tinubu’s administration.
Reaffirming the FRC’s commitment to advancing transparency and reducing financial leakages, Muruako pledged continued support to the PAC in institutionalizing sound public financial management practices.
He also congratulated the committee for securing Nigeria’s hosting rights for the 2025 West African Association of Public Accounts Committees (WAPAC) Annual Conference, describing it as a testament to Nigeria’s leadership in regional fiscal governance.
Union Bank of Nigeria has reacted to the recent judgment delivered by Justice Abike Fadipe of the Ikeja High Court involving Senator Jimoh Ibrahim, NICON Investment Limited, Global Fleet, and the bank.
The bank expressed strong disagreement with the ruling and confirmed that its legal team has been directed to file an appeal immediately. It said the court’s position on issues such as debt consolidation, locus standi, and third-party liability contradicts existing legal principles and the bank’s understanding of the facts.
In a statement released by Mrs. Olufunmilola Aluko, Chief Brand and Marketing Officer, Union Bank reiterated that the relevant debt obligations had been transferred to the Asset Management Corporation of Nigeria (AMCON), adding that all actions taken were in line with the law and standard banking procedures.
Union Bank assured stakeholders, customers, and the general public of its continued commitment to ethical practices, legal compliance, and professional conduct. It said it remains dedicated to protecting stakeholder interests and upholding the integrity that has defined its operations for more than a century.
The bank concluded by thanking all stakeholders for their trust and support as it navigates the ongoing legal process.
PalmPay, a leading digital banking platform in Africa has announced the launch of strategic partnerships with top-tier insurance providers to offer accessible, affordable and simplified insurance products directly within the PalmPay app.
This initiative reflects the brand’s continued commitment to deepening financial inclusion and underscores its mission to improve the wellbeing of everyday Nigerians.
With only about 8.9% of Nigerians currently covered by any form of health insurance, the country remains one of the least insured populations in Africa. Barriers such as low awareness, affordability challenges, and trust issues continue to hinder broader adoption of insurance products.
PalmPay’s new insurance offering directly addresses these challenges by simplifying the purchase and management of insurance policies within the app. The PalmPay insurance feature is designed to make essential coverage, from health to device, and life insurance easily accessible at affordable prices, eliminating the traditional complexities often associated with insurance.
“Insurance is often perceived as complex or inaccessible, especially among underserved communities.” said Habib Kowontan, Head of Wealth Product at PalmPay. “Through these partnerships, we aim to break down those barriers by offering simple, reliable and affordable insurance options that are easily accessible within the PalmPay app.”
With over 35 million users across Nigeria, PalmPay continues to evolve as a smart, consumer-first digital banking platform. The integration of insurance services complements its growing suite of offerings, which includes transfers, bill payments, high-interest savings, and debit card services, making PalmPay one of the most comprehensive digital banking platforms in the African market.
“Our goal at PalmPay is to remove barriers and make essential services easily accessible to everyone,” said Mr Chika Nwosu, Managing Director of PalmPay. “Through these strategic partnerships, we’re expanding our services to be more inclusive and empowering our users with products that will positively impact their lives and finances.”
This rollout marks a significant milestone in PalmPay’s broader strategy to empower users with tools that enhance their daily lives. Building not just a payments app, but a smart and trusted financial partner for millions of Nigerians.
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