Bankers Mandated To Declare Their Asset On Or Before June 1 — EFCC

The Economic and Financial Crimes Commission (EFCC), has stated that it expects all operators in the Nigerian financial sector especially bankers to declare their assets latest by June 1, 2021.

According to report, the Chairman of the Commission, Abdulrashed Bawa, dropped this hint on March 16, 2021, while speaking with journalists at the State House, Abuja after a meeting with President Muhammadu Buhari.

Bawa said the move is pursuant to the provisions of Bank Employees, ETC. (Declaration of Assets) Act of 1986, which is aimed at sanitizing the nation’s financial system and block some of the loopholes currently being explored by unscrupulous players in the sector to undermine the Nigerian economy through money laundering and illicit financial flows.

By the provision of Section 1 of the Bank Employees, ETC. (Declaration of Assets) Act 1986,  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 law 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”.

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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”

Bawa who also expressed worry about youth involvement in cybercrime, however, appealed to parents to take special interest in the activities of their children.

According to the EFCC Boss, parents have a responsibility to ensure that they nurture their children with the right set of values to ensure that they are not easily swayed by easy money through illegal means such as fraud and cybercrimes.

He added that youths must learn that there is no shortcut to acquiring wealth.