- Directs all bankers to submit assets declaration details latest June 1
The new Czar of the Economic and Financial Crimes Commission (EFCC) Abdulrasheed Bawa is beaming the searchlight of slush funds at unlikely quarters.
Briefing reporters after a meeting with President Muhammadu Buhari on Tuesday, Bawa said all bankers in the country would have to fill and submit assets declaration forms to the agency. He said they must submit the forms latest June 1, this year.
He sued for the cooperation of all banks in the country to ensure the compliance of their workers with the directive, insinuating that sanctions may await defaulters.
Bawa said the war again against graft needs new approach to make it impossible for those who dipped their hands into the national till to continue to enjoy their ill-gotten wealth.
The EFCC boss said the move which is pursuant to the Bank Employees, ETC. (Declaration of Assets) Act 1986, is part of measures to sanitize the nation’s financial system.
It will also block some of the loopholes currently being exploited by unscrupulous players in the sector to undermine Nigerian economy through money laundering and illicit financial flows.
Section 1 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.
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.
The section states: “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”
Bawa who also expressed worry about youth involvement in cybercrime, however appealed to parents to take special interest in the activities of their children.
According to him, parents have a responsibility to ensure that they nurture their children with the right set of values to ensure that they are not easily swayed by the allure of easy money through fraud and cybercrimes.
He added that youths must learn that there is no shortcut to enduring wealth.
Bawa who also spoke on cyber crimes said the sharp increase in cases of cyber crimes involving Nigerian youths are getting frighteningly worrisome.
Bawa said over 350 youths had been arrested in the last one month alone, with 35 arrested on Monday in Ibadan the Oyo State capital over Yahoo Yahoo.
He appealed to Nigerian youths to turn a new leaf away from crime and criminalities adding that the long hand of the law would deal decisively with anyone caught.