In November 2017, it emerged that suspended Governor of Nigeria’s Central Bank, Godwin Emefiele, had significant interests in an off-shore company registered in Bermuda, which held an account with UBS in London. UBS is a multinational investment bank and financial services company with its headquarters in Basel and Zurich in Switzerland. Disclosures released by the […]
in London. UBS is a multinational investment bank and financial services company with its headquarters in Basel and Zurich in Switzerland.revealed that Mr. Emefiele owned 49% of Oviation Asset Management since 2009 and was a director in the company from January 2013.in London, “Oviation was part of a structure that imported two jets via the Isle of Man. The latest purchase, a $50m Gulfstream G550, arrived in November 2015. It replaced a $33m Gulfstream G450, imported in 2013.
15 months before the import of the second Gulfstream, in June 2014, Mr. Emefiele became the Governor of Central Bank of Nigeria .
This prohibition places three constraints on the CBN Governor: one substantive, another procedural, and a third ethical. Substantively, it bars him from moonlighting in any other job or vocation, whether or not remunerated. Procedurally, he needs the approval of the Board of the CBN before taking on any role outside the bank. Implied in this is an obligation of full and honest disclosure on the part of the CBN Governor.
As the head of a “public corporation” , Mr Emefiele, as CBN governor, is also subject to the Code of Conduct for senior public officers contained in the
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