EFCC Orders Bank Workers To Declare Assets

The Economic and Financial Crimes Commission (EFCC) has ordered bank employees to declare their assets latest June 1, 2021. 

Abdulrasheed Bawa, EFCC chairman, disclosed this on Tuesday, while speaking with journalists after a meeting with President Muhammadu Buhari.



Bawa explained that the move 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,” he 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.”

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.

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