Reps Propose Compulsory Declaration of Assets For Finance Sector’s Staff

Compulsory declaration of assets for workers in the finance sector has been proposed by the Financial Crimes Committee of the House of Representatives.

The finance sector staff include workers in the banking, insurance and pension firms.

Investors King gathered that the motion would restrict workers of financial industries from owning accounts outside Nigeria.

Further sections in the proposed law state that the spouses and children of the financial institutions’ workers may also be mandated to declare their assets.

The federal lawmakers added that the record-keeping of the assets’ declaration would now be done by the relevant regulator of each industry and not by the Secretary to the Government of the Federation.

Addressing newsmen on the provisions of the proposed law in Abuja on Tuesday, the Chairman of the Committee on Financial Crimes, Ibrahim Dutse stated that the motion will attend to the current situation of the nation.

The Amendment Bill 2021 on Bank Employees’ Declaration of Assets, according to Dutse, seeks to review the existing act due to the happenings in the financial institutions of Nigeria.

The Representative noted that the objective of the bill is to look into the excesses of all employees’ of financial institutions.

Dutse pointed out that financial organisations need to be regulated considering the rising number of insurance firms, mortgage banks in the country. 

“It is worthy of note that the Act was promulgated under the military era and, as such, carries with it some elements of that regime, hence the significance of this amendment. The overall objective of the legislative proposal is to check the excesses of not only bank employees but also the financial institutions in general.

“You will agree with me that in modern times, there has been a surge in the establishment of various forms of financial institutions in our society, in comparison with what was obtainable in the 1960s and even 1980s when financial institutions in Nigeria were mostly banks.

“Today, we have a proliferation of insurance companies, mortgage banks, pension fund administrators and even lending organisations, etc., who equally require supervision like banks,” he said.