EFCC Orders Bankers To Declare Their Assets
-The Economic and Financial Crimes Commission (EFCC) has ordered bankers and other operators in the Nigerian financial system to declare their assets.
-The move is aimed at sanitizing the country’s financial system, according to Abdulrasheed Bawa, the Chairman of the Anti-fraud organization
-Bankers are expected to do this before the deadline of June 1, 2021
The Economic and Financial Crimes Commission has ordered staff and operators of the Nigerian financial system to declare their assets.
This was ordered by the Executive Chairman of EFCC, Mr. Abdulrasheed Bawa as he gave bankers till June 1, 2021, to adhere to this.
The Anti-corruption organization boss made this revelation after a closed-door meeting with President Muhammadu Buhari in Abuja on Tuesday.
Bawa declared that this decision will block some loopholes being utilized for money laundering in the financial sector.
What this means
Every employee of a financial institution (e.g bank) must declare their assets on employment. They also have to do this annually during the period of their employment.
It is also illegal for employees to own an asset that is greater than their provable income.
Any employee that is found guilty of violating this decree is subject to 10 years jail term and forfeiture of the asset.
In other news: Nigeria’s unemployment reaches 33%, according to the National Bureau of Statistics
Bawa was nominated to be the EFCC chairman by President Muhammadu Buhari and confirmed by the National Assembly on February 24, 2021.
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