CBN Acting Governor and Deputy Governor Face Allegations of Undeclared Assets

CBN Acting Governor and Deputy Governor Face Allegations of Undeclared Assets: Lawsuit Unveils Company Interests


A legal entanglement has emerged involving the Acting Governor of the Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi, and Deputy Governor, Mr. Edward Adamu, as they face allegations of failing to disclose their assets to the Code of Conduct Bureau (CCB). The suit, brought forth by the Network Against Corruption and Trafficking Foundation (NACAT), adds another layer of scrutiny to the conduct of public officials.

Unveiling Undisclosed Assets

Amidst a swirl of legal action, Mr. Shonubi and Mr. Adamu, holding prominent positions within the CBN, are the focal points of a lawsuit that alleges they failed to declare certain interests. NACAT’s legal filing asserts that both officials omitted critical information about their affiliations with specific companies from their asset declaration forms. This assertion brings into question their compliance with their statutory obligations while assuming their respective roles.

The Demanding Inquiry

The lawsuit, filed under Section 1(1) and (2) of the Freedom of Information (FOI) Act, 2011, seeks to unravel the details surrounding these alleged omissions. The applicant’s petition, grounded in the right to information, delves into the particulars of Mr. Shonubi and Mr. Adamu’s connections to various companies. The companies listed in the suit include Intameks Ltd, Kirby’s Place Resources Ltd, The Pekaboo Company Ltd, Ehlkuhile Investment Ltd, Iscopeng Ltd, Kilima Technologies Ltd, Pinnacle Solutions Network Ltd, Elad Global Resources Limited, and Global World Frontier Services Nig. Ltd.

Call for Transparency

The applicant, NACAT, aspires to contribute to the fight against corruption and financial crimes, and its lawsuit is a manifestation of this goal. NACAT contends that the 2nd and 3rd respondents—Mr. Shonubi and Mr. Adamu—have a duty to disclose their interests in these companies as public officers. The legal action seeks to compel the respondents to provide the necessary documents and comply with transparency requirements as stipulated by the Freedom of Information Act.

This legal saga casts a spotlight on the responsibilities and obligations that public officials bear, especially in terms of disclosing their interests and affiliations. As the legal proceedings unfold, the case serves as a reminder of the broader battle against corruption and a call for accountability within Nigeria’s governmental institutions.

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