EFCC demands assets declaration by bankers’ gives deadline


The Economic and Financial Crimes Commission, EFCC, has called on all bankers and operators in Nigeria’s financial system to declare their assets.

Chairman of the antigraft agency Abdulrashed Bawa, on Tuesday, told reporters at the Presidential Villa that the move is part of measures to sanitize 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 pursuant 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 offense for an employee of a bank to own assets in excess of his legitimate known and provable income”.

Section 7(2) includes imprisonment for a term of ten years; “Any employee guilty of an offense 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”.

The EFCC boss also appealed to parents to caution their children against amassing wealth through the shortcut, he urged the youth to engage themselves in legal ventures.

The bankers are to comply latest June 1.