Home NEWS Financial Crime: EFFC Directs Bank Operators To Declare Assets

Financial Crime: EFFC Directs Bank Operators To Declare Assets

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The Economic and Financial Crimes Commission (EFCC) said that it expects all bankers and other operators in the Nigerian financial system to declare their assets by June 1, 2021.

The Chairman, Abdulrasheed Bawa, gave the order in a chat with journalists at the State House, Abuja after a meeting with President Muhammadu Buhari.

The EFCC boss explained that the move is pursuant to the Bank Employees (Declaration of Assets) Act 1986.

He said it was part of measures to block some loopholes being exploited by unscrupulous players in the sector to undermine Nigerian economy through money laundering and illicit financial flows.

Section 1 of the Bank Employees, ETC. (Declaration of Assets) Act 1986 makes it mandatory for every employee of a Bank to make full disclosure of assets upon employment, and annually in subsequent years.

The law under Section 7 (1) stipulates that “It shall be an offence for an employee of a bank to own assets in excess of his legitimate known and provable income”.

The penalty for violation of the Act, as spelt out in 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, in addition, forfeit the excess assets or its equivalent in money to the Federal Government”, it reads.

Bawa condemned the high rate of cybercrime and appealed to parents and guardians to take special interest in the activities of their children and wards

The anti-corruption chief added that youths must learn that there is no shortcut to wealth.

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