Conflict of Interest in Business

• NNPC Limited has a Code of Conduct that addresses conflicts of interest for Board members and employees.
• Direct interests refer to situations where a Board member or employee, or their Close Relatives have a business relationship or ownership in an NNPC Limited business partner or competitor.
• Indirect interests refer to circumstances where a Board member or employee, or their Close Relatives/associates, have control over an organization with business relations to NNPC Limited, or stand to profit from the success of such organization.
• Perceived interests refer to circumstances where a Board member, employee or their Close Relatives/associates appear to be prejudiced or stand to benefit from the outcome of a decision.
• All NNPC Limited Employees are expected to declare potential conflicts of interest.
• Employees must avoid conflicts of interest, identify and declare them, and follow guidelines provided by the relevant regulatory and compliance unit.
• Conflicts of interest cases can be reported through the Relevant Regulatory and Compliance Unit or Human Resources Department.
• Employees must disclose any conflicts of interest and avoid participating in decision-making related to the conflict.
• Guidelines to avoid conflicts of interest include ensuring decisions do not create conflicts, disclosing conflicts in writing, completing annual declarations, seeking guidance, conducting relationships professionally, and avoiding pressure or inducement of other employees.
• Employees must not use their position or confidential information for personal gain, nor hire, supervise, manage or plan careers of relatives, nor apply pressure to influence decisions in their favor.
• Employees must ensure their relationships with contractors and suppliers do not influence business decisions made on behalf of NNPC Limited.

Test your knowledge about conflict of interest in business with this quiz. Learn about the impact of undisclosed conflicts of interest on companies and employees.