Integrity Issues Escalate As Finance Minister, Wale Edun’s Chapel Hill Denham, Secures FG’s Contract To Manage Nigeria’s First Eurobond Since 2022

Related stories

FG Secures $100m for Lagos-Calabar Project from ECOWAS Bank

By Abiola Olawale The Nigerian government has reportedly secured a...

Ex- Arsenal Star Thomas Partey Faces Rape, Sexual Assault Charges in UK

By Abiola Olawale The Metropolitan Police have formally charged former...

Edwin Cortes: Prefers Being A Small Puerto Rican Than Big American

By Owei Lakemfa To be a citizen of the United...

June 12 And The International Pursuit of Justice For Abiola, By Femi Falana

The June 12, 1993, pro-democracy struggle in Nigeria is...

Breaking Down the West’s $146 Billion 2024 Defence Technology Investment

Advanced technologies like drones, sensors, and even artificial intelligence...

Experts:”It’s an unethical act, with Conflict of Interest at the Core…”

By Abiola Olawale

Integrity issues and alleged conflict of interest, triggered by the Federal ministry of Finance’s reported decision to hire the services of Chapel Hill Denham Group, an investment banking, securities trading, and investment management firm founded by the Minister of Finance and Coordinating Economy, Mr Wale Edun, as Nigeria eyes its first Eurobond since 2022, have soared as experts condemn the action as grossly unethical, visibly inappropriate and a terrible action amouting to conflict of interest.

Apart from Mr Edun’s founded firm, it was gathered that the Federal Government has also hired investment banks, like Citigroup Inc., JPMorgan Chase & Co., and Goldman Sachs Group Inc. to advise it on how to spend the Eurobond offer, which is expected to arrive before June. However, it is the case of the company founded by the Minister that is at the core of public condemnation at the moment.

Though the amount and size of the Eurobond is yet to be ascertained, an insider source said Nigeria may raise as much as $1 billion in external borrowing in 2024 to meet its spending needs.

While reacting to the development, some analysts described the Minister’s action as a violation of ethical principles and an alleged conflict of interest “because you cannot preside over a process and award a contract to your own company which you founded as it undermines the integrity of the entire process and rubbishes the reputation of Nigeria before the international community.”

Dr Isaac Oluwale, a development economist and social critic said:” The action of the Minister is indefensible if truly the firm which he founded got a contract in a process he is presiding over. It amounts to conflict of interest because it amounts to acts bordering on inappropriate and globally unethical procedure. Even if you have resigned from the Board, your shares are still intact in the company as sharehder! Everyone knows you founded the company and you bring it to your ministry which you preside over and reign in on your team! That is unacceptable. I give you an example, in Canada, a public officer is not allowed to have any interest whatsoever in any company or entity that does jobs or contracts in the Federal or regional public service as it would be an act of corruption. The Office of the Auditor General of Canada recently suspended two top public officers who were said to have shareholding stake in a company that got a contract in the public service. I think im the ministry of defence. That is called integrity and transparency…Mr Wale Edun should come clean, apologise to Nigerians and step aside…for a probe.”

Media reports had previously pointed out that President Bola Ahmed Tinubu signed the N28.7 trillion budget for the 2024 fiscal year, with a deficit of N9.8 trillion — which would reportedly be financed by borrowings from local and international investors and multilateral lenders.

It would be recalled that Tinubu had also received approval from the Senate on December 30, 2023, to borrow the sums of $7.8 billion and €100 million as part of the 2022-2024 borrowing plan of the federal government.

To manage the incoming resources, FG reportedly proceeded to hire Standard Chartered Bank and Lagos-based Chapel Hill Denham as advisers.

Checks by The New Diplomat revealed that Mr Edun is the founder of Chapel Hill Denham Group. On the official website of the company, the firm says it provides comprehensive advisory services to a diverse client base, including financial institutions, multinationals, and governments.

The New Diplomat
The New Diplomathttps://newdiplomatng.com/
At The New Diplomat, we stand for ethical journalism, press freedom, accountable Republic, and gender equity. That is why at The New Diplomat, we are committed to speaking truth to power, fostering a robust community of responsible journalism, and using high-quality polls, data, and surveys to engage the public with compelling narratives about political, business, socio-economic, environmental, and situational dynamics in Nigeria, Africa, and globally.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
FG Secures $100m for Lagos-Calabar Project from ECOWAS BankEx- Arsenal Star Thomas Partey Faces Rape, Sexual Assault Charges in UKEdwin Cortes: Prefers Being A Small Puerto Rican Than Big AmericanJune 12 And The International Pursuit of Justice For Abiola, By Femi FalanaBreaking Down the West’s $146 Billion 2024 Defence Technology InvestmentG7 vs. the World: GDP, Population, and Military StrengthUS drillers cut oil and gas rigs for 10th week in a row, Baker Hughes saysExclusive! Tinubu Tips Late Ajimobi's Wife, Florence, Others for Ambassadorial PostsTinubu Mourns, Pays Tribute to Legendary Super Eagles Goalkeeper Peter RufaiNatasha vs Akpabio: Court Orders Senate President To Recall Senator NatashaHadi Sirika Denies Defection to ADC Coalition Rumors, Reaffirms Loyalty to Buhari, APCChina Snubs U.S. Crude for Third Month, Even as Ethane Trade RestartsHow Super Eagles Icon Peter Rufai passed Away at 61Dakuku Peterside’s Beneath the Surface Book Out in OctoberOil Prices Dip on Confirmation of Inventory Build
X whatsapp