The Economic and Financial Crimes Commission, EFCC, has demanded all bankers and operators in Nigeria’s financial system declare their assets. The Commission requires every bank employee to make full disclosure of all assets within 14 days of assuming duty with a bank.
The anti-graft agency has also set a June 1 deadline for workers to comply with the directive.
EFCC chairman Abdulrasheed Bawa told reporters at the Presidential Villa that the move is part of measures aimed at sanitising the nation’s financial system and block loopholes exploited by unscrupulous players to undermine the Nigerian economy through money laundering and illicit financial flows.
Mr Bawa noted that the directive is according to the Bank Employees, ETC. (Declaration of Assets) Act 1986, saying the Act makes it mandatory for every employee of a bank to make full disclosure of assets upon employment, and annually in subsequent years
Section 7 (1) of the Act says; “It shall be an offence for an employee of a bank to own assets over his legitimate known and provable income”.
Section 7(2) includes imprisonment for a term of ten years; “Any employee guilty of an offence under subsection (1) of this Section shall on conviction be liable to imprisonment for ten years and shall, also, forfeit the excess assets or its equivalent in money to the Federal Government”.
Bawa explained that the move is aimed at checking the role of banks in keeping funds acquired illegitimately.
“Let me just put this, we understood that at the tail end of every financial crime is for the criminal to have access to the funds that he or she has illegitimately gotten and we’re worried about the roles of financial institutions,” he said.
“And we have discussed, but we hope that all financial institutions, particularly the bankers, will declare their assets as provided for by the law, following the Bank Employees Declaration of Assets Act.
“And that the EFCC, come the 1st of June 2021, will be demanding for these asset declaration forms, filled by the bankers so that the line that we have drawn from the 1st of June is complied with by bankers in particular.”
The EFCC boss lamented that the agency has arrested about 300 cybercriminals across the country between February and March.
“As a young man, I am appealing to all young Nigerians to desist from these cybercrime activities. It is bringing a bad image to our country, it is giving a bad name to our country, it is also chasing away a lot of foreign investment that we need,” Bawa said.
Mr Bawa, however, appealed to parents to take a special interest in the activities of their children, urging youths to learn the best ways to achieve success other than following the shortcut
“These are crimes that they commit online. And of course, there is nothing like patting your back to say go and sin no more. Our laws do not provide for that. It is a crime and as we say in EFCC, EFCC will get you anywhere, anytime.”