Two-week ultimatum for bankers to declare assets
Chairman of EFCC, Abdulrasheed Bawa
It will no longer be business as usual for bank chief executive officers (CEOs) and their employees who live above their income.
They have two weeks to declare their assets in compliance with the Bank Employees, etc (Declaration of Assets) Act 1986 obtained by The Nation yesterday. The application of the law begins today.
They risk a 10-year jail, if found guilty by any Federal High Court.
Besides declaration of assets by the CEOs, anti-graft agencies are to trace suspected assets to parents, spouses, children and associates of bank workers.
After the declaration, the CEOs are to submit all the forms within seven days to the appropriate authority or the designated agency, the Economic and Financial Crimes Commission (EFCC).
Relying on the Declaration of Assets Act 1986, the Chairman of EFCC, Abdulrasheed Bawa, on March 16, told all bank workers to prepare for the declaration of their assets by this month.
He made the declaration after a session with President Muhammadu Buhari.
Bawa also said there was no going back on the application of the 35-year-old law beginning from June 1.
Ahead of compliance with the law, the anti-graft agency claimed that there had been anxiety in the banking sector.
The penalty for violation of the Act is contained in Section 7(2), which stipulates a 10-year jail term for offenders.
The Act says: “It shall be an offence for an employee of a Bank to own assets in excess of his legitimate, known and provable income and assets.
“Any employee guilty of an offence under Sub-section (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.
“For the purpose of imposing a penalty on conviction under this section, due regard shall be had to the amount or value of assets by which the assets of the convicted employee are in excess of his legitimate, known and provable income and assets.”
On verification of assets, the law says the government can investigate bankers’ parents, spouse, children, associates and privies.
It says: “The appropriate authority shall cause to be verified every Declaration of Assets Form and Annual Assets Declaration Form submitted under this Act and may direct that a thorough investigation should be conducted into the assets and activities of the employee concerned including the assets and activities of his spouse, child, relative, parent, associate or privy.”
The Act further reads: “Employees to make full disclosure of assets. Every employee of a Bank shall, within fourteen days of the commencement of this Act, make a full disclosure of all his assets.
“In the case of a new employee, he shall within fourteen days of assuming duty with the bank make a full disclosure of all his assets at the time of his assuming duty; and for the purpose of this subsection, a transfer or secondment from one bank to another shall be treated as a new employment.
“The full disclosure of assets required under section 1 of this Act shall be made in the manner prescribed in the Declaration of Assets Form contained in Form A of the Schedule to this Act and shall be executed before and attested to by the Registrar of a High Court, the Court of Appeal or the Supreme Court.
“The President or the appropriate authority may from time to time prescribe such other forms as may be necessary to achieve the purpose and intendment of this Act. 3.
“On completion and execution of the Declaration of Assets Form in the manner prescribed in section 2 (1) of this Act, the employee shall submit the form to the Chief Executive of his Bank within the time prescribed in section 1 of this Act.
“The Chief Executive of the Bank to whom Declaration of Assets forms have been submitted under subsection (1) of this section shall, within seven days after the expiration of the time stipulated in Section 1 of this Act, submit the forms to the appropriate authority together with the list of employees compiled in the manner prescribed in Form B of the Schedule to this Act.”
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