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New EFCC Boss Takes Fight Against Corruption To Banks, Orders All Bank Employees To Submit Assets Declaration Forms

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New EFCC Boss Takes Fight Against Corruption To Banks, Orders Bank Employees To Submit Assets Declaration Forms

 

The EFCC chairman, Abdulrasheed Bawa, announced this to journalists after a meeting with President Muhammadu Buhari on Tuesday.

 

Bank employees must report their assets by June 1, 2021, according to the Economic and Financial Crimes Commission (EFCC).

The EFCC chairman, Abdulrasheed Bawa, announced this to journalists after a meeting with President Muhammadu Buhari on Tuesday.

 

The step, according to Bawa, is part of steps to sanitize the nation’s financial system and close some of the loopholes currently being exploited by unscrupulous players in the sector to sabotage the Nigerian economy through money laundering and illicit financial flows.

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“Section 1 of the Bank Employees, ETC. (Declaration of Assets) Act 1986 requires any bank employee to make a full report of assets upon hire and annually thereafter,” he explained.

“It shall be an offence for an employee of a bank to possess assets in excess of his lawful proven and provable profits,’ according to Section 7 (1) of the law.

“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,” according to section 7(2).

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Bawa, who also shared concern about youth participation in cybercrime, urged parents to pay close attention to their children’s activities.

According to him, it is the duty of parents to instill the right values in their children so that they are not easily tempted by the allure of easy money through fraud and cybercrime. He went on to say that youths must learn that there is no quick way to long-term prosperity.

 

New EFCC Boss Takes Fight Against Corruption To Banks, Orders Bank Employees To Submit Assets Declaration Forms

 

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Jake Clifford

Jake Clifford is a Nigerian Born blogger and a fast growing Journalist, whose aim is to inform Nigerians with happening across Nigeria. Send story tips to him via [email protected] or

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