EFCC To Demand Assets Declaration From Bankers
By Starimagenews.com
L-R: President Buhari and Chairman, EFCC, Abdulrasheed Bawa
Economic and Financial Crimes Commission (EFCC) will be demanding the assets declaration forms of all bankers across the country.
Addressing State House correspondents in Abuja, its Chairman, Abdulrasheed Bawa, announced that bankers would be required to present the forms from June 1ST.
He briefed reporters following a meeting with President Muhammadu Buhari at the Presidential Villa in the nation’s capital.
“The EFCC, come June 1, 2021, will be demanding these assets forms filled by the bankers and for us to see that the line that we have drawn from June 1 is fully complied with by all, bankers in particular,” the EFCC chief said.
He explained that the commission took the decision as a result of concerns raised on the roles played by bankers in the fight against corruption.
Bawa stated that this was because criminals would always want to have access to the proceeds of their crime.
He noted that bankers would be asked to declare their assets and the commission would ensure that all employees in the nation’s banking industry comply with the directive.
The EFCC chief said, “The assurance that I am going to give Nigerians going forward is that we will do our best to ensure that this country is free of economic and financial crimes.
“We understood that the tail end of every financial crime is for the criminals to have access to the funds that he or she has illegitimately gotten, and we are worried about the roles of financial institutions.”
“God willing, we hope that all financial institutions, particularly the bankers will declare their assets as provided for by the law in accordance with the Bank Employees, Etc. (Declaration of Assets) Act,” he added.
It will also 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.
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.
The section states: “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 him, 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 the allure of easy money through fraud and cybercrimes.
He added that youths must learn that there is no shortcut to enduring wealth