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Nigeria

Bankers Who Violates Assets Declaration Law Risks 10yrs Imprisonment – Bawa

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The Executive Chairman of the economic and financial crimes Commission ( EFCC) , dropped this hint today March 16, while speaking with journalists at the State House, Abuja after a meeting with President Muhammadu Buhari.

The EFCC boss Abdulrashed Bawa 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 and block some of the loopholes currently being exploited by unscrupulous elements in the sector to undermine Nigerian economy through money laundering and other illicit financial transactions.

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;… “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”

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