CBN acting Governor, deputy face lawsuit over refusal declare assets

Legal action has been initiated by the Network Against Corruption and Trafficking Foundation (NACAT) against Mr. Folashodun Shonubi, the acting Governor of the Central Bank of Nigeria (CBN), and Mr. Edward Adamu, a Deputy Governor at the bank. Allegations put forward by NACAT indicate that both individuals failed to fulfill their obligation of declaring their assets to the Code of Conduct Bureau (CCB).

The lawsuit, lodged at a Federal High Court in Abuja, names NACAT’s legal representative, John Ainetor of Festus Keyamo Chambers, as the plaintiff. The Chairman of the Code of Conduct Bureau is also listed as a defendant in this case.

The legal basis for the lawsuit relies on Section 1(1) and (2) of the Freedom of Information (FOI) Act of 2011.

Dated August 25, 2023, the lawsuit is identified as FHC/ABJ/CS/1182/2023.

An accompanying affidavit, sworn by Stanley Ugagbe, NACAT’s operational manager, asserts that the respondents have been resistant in disclosing specific documents.

Ugagbe highlights that in their capacities as public officials, the acting Governor and Deputy Governor are legally bound to declare any vested interests in specific companies when taking up their respective roles.

In his statement, Ugagbe mentions:

“The applicant has a right under the Freedom of Information Act, 2011, to access the Assets and Liabilities Declaration Forms of the second and third respondents in the records of the first respondent, concerning the declaration of the second and third respondents’ interests in the said companies. “The applicant has made a demand under the Freedom of Information Act, 2011 to the respondents for them to produce the Assets and Liabilities Declaration Forms, where the second and third respondents declared their interests in the said companies, but the respondents failed, refused and neglected to produce the said documents.”

The applicant contends that court intervention is essential to compel the first and second respondents to comply with the request, in line with Section 1 (3) of the Freedom of Information Act.

This legal action is prompted by NACAT’s earlier communications on July 3, 2023, and August 14, 2023, in which they sought the requested documents from the respondents, only to face noncompliance.