The Economic and Financial Crimes Commission (EFCC) has stated that all operators in the Nigerian financial system especially bankers are to declare their assets latest June 1, 2021.
This was disclosed by the commission's executive chairman, Abdulrasheed Bawa after a meeting with President Muhammadu Buhari.
He said that the move is in pursuant to the Bank Employees, ETC. (Declaration of Assets) Act 1986, which is part of the measures to sanitize the nation's financial system and 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; “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."
Expressing worries on youth involvement in cyber crime, he appealed to parents to take special interest in the activities of their children.
Bawa said,
"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.
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