Nigeria’s Minister of Finance, Wale Edun, has come under scrutiny for alleged violations of the Public Service Code of Conduct after reports emerged of his private company, Chapel Hill Denham, securing contracts to advise Nigeria on a $1 billion Eurobond issue.
This revelation came into limelight as Parallel Facts discovered that running a Private company while in Active public Service is against the Public Service Code of Conduct. And it equally prohibits public officials from engaging in activities that could undermine the public interest or benefit them personally.
Recall reports written by Saharareporters, titled, “Tinubu’s Finance Minister, Wale Edun’s Chapel Hill Denham, Others Get Lucrative Contracts To Advise Nigeria On $1Billion Eurobond To Meet Spending Needs.”
According to the report, Nigeria enlisted the services of various investment banks, including Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc. to advise it on the West African nation’s first eurobond issue since 2022
The report also disclosed that among the advisory firms appointed, Nigeria had hired Standard Chartered Bank and Lagos-based Chapel Hill Denham as advisers.
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, is the founder of Chapel Hill Denham Group, an investment banking, securities trading, and investment management firm.
While Edun’s firm, Chapel Hill Denham, claims to provide comprehensive advisory services to various clients, including governments, questions remain about the fairness and equity of its involvement in advising Nigeria on a significant financial transaction.
The situation has raised concerns about transparency and accountability in the allocation of government contracts.
Critics argue that Edun’s dual roles as Minister of Finance and founder of Chapel Hill Denham present a conflict of interest, potentially compromising the integrity of the procurement process.
