The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrashed Bawa has said that he expects all operators in the Nigerian financial system especially bankers to declare their assets latest June 1, 2021.
Bawa disclosed this while speaking with journalists at the State House, Abuja after a meeting with President Muhammadu Buhari.
The EFCC boss said the move which is in line with 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 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 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”.
Bawa also expressed worry on the rate at which youths involve in cybercrime, and 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.