A Review of Commercial Banks’ Role in Public Sector Transparency and Accountability in the Nigerian Economy

Sebastian O. Uremadu*, Charity Egondu Duru-Uremadu**
* Professor, Banking and Finance, College of Management Sciences, Michael Okpara University of Agriculture, Umuahia, Nigeria.
** Assistant Lecturer, Educational Management, College of Education (COED), Michael Okpara University of Agriculture, Umuahia, Nigeria.
Periodicity:March - May'2018
DOI : https://doi.org/10.26634/jmgt.12.4.14528

Abstract

Since the government of Olusegun Obasanjo revitalised the Code of Conduct Bureau immediately he assumed office in 1999, to checkmate activities of corrupt public officers who falsely declare their assets, the Bureau has been finding it difficult to effectively carry out this onerous task single-handedly without the assistance of some other government agencies: State Security Service (SSS), National Intelligence Agency (NIA), the Nigerian Police, and or financial institutions like commercial banks, the Central Bank of Nigeria (CBN), Federal Ministry of Finance (FMF), Securities and Exchange Commission (SEC), Nigeria Deposit Insurance Corporation (NDIC), etc. This paper through use of analytical approach or method is aimed at finding ways that the Nigerian banks and the agents of the Bureau (or government investigators) can effectively collaborate to unravel the efforts of corrupt officers who defraud the government as well as under-declare their assets. Findings showed that if bank management can effectively install an error-proof control system, and they are ready to collaborate with the Bureau, they can always foil efforts to falsely declare public officers' assets lodged with the banks. Besides, it was ascertained from the study that mandatory disclosure of a customer's financial standing and or other assets by the banks are well covered by the law in four special areas: compulsion by law, legislative requirement, duty to the public, and for the interest of the bank itself.

Keywords

Commercial Banks, Public Sectors, Transparency and Accountability, Nigeria Economy, Code of Conduct Bureau, Error-proof Control System, Mandatory Disclosure.

How to Cite this Article?

Uremadu, S.O., and Duru-Uremadu, C. E. (2018). A Review of Commercial Banks’ Role in Public Sector Transparency and Accountability in the Nigerian Economy. i-manager’s Journal on Management, 12(4), 51-59. https://doi.org/10.26634/jmgt.12.4.14528

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