EFCC Directs Bankers to Declare Assets by June 1

The Economic and Financial Crimes Commission (EFCC) said that operators in the Nigerian financial system, particularly bankers will start declaration of their assets as from June 1, 2021.

The EFCC Chairman, Abdulrashed Bawa, gave this directive on Tuesday while speaking with journalists at the State House, Abuja, after a meeting with President Muhammadu Buhari.

He explained that the commission was worried about the roles of financial institutions in helping criminals to have access to proceeds of their crime.

“The EFCC, come June 1, 2021, will be demanding for this asset declaration forms, filled by the bankers so that the line that we have drawn from June 1 is really complied with by bankers in particular,” Mr Bawa said.

A statement signed by EFCC spokesperson, Wilson Uwujaren, also quoted Mr Bawa as saying that directive was in line with the Bank Employees, ETC. (Declaration of Assets) Act 1986, enacted to ensure adequate measures in sanitising the nation’s financial system.

Mr Bawa said the commission had discussed it and expressed hope that “all financial institutions, particularly the bankers, will declare their assets as provided for by the law, in accordance with the Bank, Employees Declaration of Asset Act.”

He added that action would also help to block some of the loopholes currently exploited by unscrupulous players in the sector to undermine the Nigerian economy through money laundering and illicit financial flows.

Mr Bawa said Section 1, and 7 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.

“It shall be an offence for an employee of a bank to own assets in excess of his legitimate known and provable income,” Mr Bawa said.

“Let me just put this, we understood that at the tail end of every financial crime is for the criminal to have access to the funds that he or she has illegitimately gotten and we’re worried about the roles of financial institutions”.

He added that the agency has arrested about 300 cybercriminals nationwide between February and March.

“As a young man, I am appealing to all young Nigerians to desist from these cybercrime activities. It is bringing a bad image to our country. It is giving a bad name to our country. It is also chasing away a lot of foreign investment that we need.

“And I call on all parents, guardians, and, of course, elders in the community, in the society to talk to these young people to desist from these crimes.

“These are crimes that they commit online. And of course, there is nothing like patting your back to say go and sin no more. Our laws do not provide for that. It is a crime and as we say in EFCC, EFCC will get you anywhere, anytime,” Bawa said.