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Financial operators and bankers have been notified by the Economic and Financial Crimes Commission, EFCC, that the Bank Employees, ETC. (Declaration of Assets) Act 1986 warrants jail time for those who have more assets than their income.
The commission, therefore, demands that all bankers and financial operators declare their assets by June 1, 2021.
According to Abdulrashed Bawa, EFCC Executive Chairman, who made the remark, it is mandatory for every bank employee to make full disclosure of assets upon employment, and annually in subsequent years as quoted in section 1 of the Act.
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A banker who owns more assets than their provable income is committing an offence under Section 7 (1) of the Act.
This justifies ten years of imprisonment for such bankers by the law under Section 7 (2).
The employee will also forfeit the excess assets or their equivalent in money to the Federal Government.
Bawa said that the commission is concerned that financial institutions could be playing a part in criminal activities.
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The Bank Employees, ETC. (Declaration of Assets) Act 1986 was passed for adequacy in Nigeria’s financial system Bawa noted in a statement.
The new directive would help the commission tackle money laundering, illegal financial movement, and clean up Nigeria’s financial system.
Beginning June 1, 2021, the EFCC will require bankers to complete asset declaration forms, Bawa said.
