EFCC Sets Deadline for Bank Workers to Declare Assets

Abdulrasheed Bawa, The Chairman of the Economic and Financial Crimes Commission (EFCC) has ordered all bank workers to declare their assets latest June 1, 2021.

Gistlover reports that the newly appointed EFCC boss gave the directive while speaking with State House correspondents after a meeting with President Muhammadu Buhari on Tuesday.

He stated that the new directive which is pursuant to the Bank Employees, ETC. (Declaration of Assets) Act 1986, is part of measures to sanitise the nation’s financial system and block some of the loopholes currently 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,” Bawa said.

“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.”