Constitutional Prohibition On Foriegn Bank Accounts:
The drafters of the Constitution of Nigeria are obviously not new to the offshore options for protection of stolen public funds. So, the most logical approach was to prohibit the keepers, managers and mixers of public offices and funds, from having foreign bank accounts. Well, the drafters at that time couldn’t have imagined the effect, dynamics and backdoors that will be created by cryptocurrency in decades to come after the year 1999. It is good that the Central Bank of Nigeria and federal legislatures are filling the gaps.
By the way, it is important to point out that the Constitution of Nigeria is the greatest of all laws, regulations, policies, religions, traditions, logics, practices, reasons and even yet to be imagined contractions in any part of Nigeria. So, nothing (no person or institution, group, government or process) can invalidate, contradict or overwhelm the Constitution of Nigeria. The Constitution is all knowing, ever perfect and ever binding!
The Constitution of Nigeria has clearly listed persons that cannot own, operate or maintain any foreign bank account for any reason whatsoever. It is part of the Code of Conduct for Public Officers. So, there is no exemption or reason for such persons to have or attempt to have a foreign bank account. The persons that cannot have a foreign bank account in Nigeria includes;
1.The President of the Federation.
2. The Vice-President of the Federation.
3. The President and Deputy President of the Senate, Speaker and Deputy Speaker of the House of Representatives and Speakers and Deputy Speakers of Houses of Assembly of States, and all members and staff of legislative houses.
4. Governors and Deputy Governors of States.
5. Chief Justice of Nigeria, Justices of the Supreme Court, President and Justices of the Court of Appeal, all other judicial officers and all staff of courts of law.
6. Attorney-General of the Federation and Attorney-General of each State.
7. Ministers of the Government of the Federation and Commissioners of the Governments of the States.
8. Chief of Defence Staff, Chief of Army Staff, Chief of Naval Staff, Chief of Air Staff and all members of the armed forces of the Federation.
9. Inspector-General of Police, Deputy Inspector-General of Police and all members of the Nigeria Police Force and other government security agencies established by law.
10. Secretary to the Government of the Federation, Head of the Civil Service, Permanent Secretaries, Directors-General and all other persons in the civil service of the Federation or of the State.
11. Ambassadors, High Commissioners and other officers of Nigerian Missions abroad.
12. Chairman, members and staff of the Code of Conduct Bureau and Code of Conduct Tribunal.
13. Chairman, members and staff of local government councils.
14. Chairman and members of the Boards or other governing bodies and staff of statutory corporations and of companies in which the Federal or State Government has controlling interest.
15. All staff of universities, colleges and institutions owned and financed by the Federal or State Governments or local government councils.
16. Chairman, members and staff of permanent commissions or councils appointed on full time basis.
17. Any other public officers or persons as the National Assembly may by law prescribe (this is where every other public officer falls under, especially those engaged by agencies and offices that were created after the enactment of the Constitution of Nigeria in 1999).