The Economic and Financial Crimes Commission (EFCC) said that it expects all bankers and other operators in the Nigerian financial system to declare their assets by June 1, 2021.
The order was given by the Chairman, Abdulrasheed Bawa, during a talk with journalists at the State House, Abuja after a meeting with President Muhammadu Buhari.
The EFCC boss clarified that the decision is in line with the Bank Employees (Declaration of Assets) Act 1986.
He said it was part of steps to block some loopholes being taken advantage of by corrupt players in the sector to weaken the Nigerian economy through money laundering and illicit financial flows.
Section 1 of the Bank Employees, ETC. (Declaration of Assets) Act 1986 makes it compulsory for every employee of a Bank to fully disclose their asset upon their employment by the bank, and also annually in following 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 and forfeiture of the excess assets to the Federal Government.
