The Central Bank of Nigeria (CBN) is not in safe hands as deep-rooted corruption has taken over since Godwin Emefiele took over the rein of affairs, multiple sources have squealed to SecretReporters.
For the Co-founder of Zenith Bank, Jim Ovia, the CBN governor has sacrificed the very fabric of integrity that holds the banking world together as he breaks every rule to satisfy Ovia, his boss.
One of such laws allegedly broken to satisfy Ovia is the CBN Code of Corporate Governance for Banks.
Against the law, Emefiele has turned blind eyes and allowed Jim Ovia and his cousin, Ebenezer Onyeagwu to be Chairman and Executive Director of Zenith Bank, respectively, an action which Section 2:3:3 of the CBN code of Corporate Governance forbids. The act forbids any member of an extended family from being in the directorship position of banks, to avoid conflict of interest and connivance to dupe the bank.
According to insider sources, Emefiele is not just the CBN Governor but also allegedly owns a substantial stake in Zenith Bank as a controlling shareholder, using proxy companies.
“How can the regulator of banks in Nigeria be a substantial stakeholder in one of the Nigerian banks? It creates a conflict of interest and supports the allegation that the CBN Governor is not on the same page as Mr President in the battle against corruption. It makes Mr President seem as if he does not know what is happening in the CBN and Banking sector”, a concerned source queried.
The Director of Communication, Isaac Okoroafor did not respond to our calls and SMS when we contacted him.