By Dipo Olowookere

Some executives of financial institutions, including the Deposit Money Banks (DMBs) in Nigeria, are jittery over a new directive of the nation’s chief anti-money laundering agency.

On March 16, 2021, the newly appointed chairman of the Economic and Financial Crimes Commission (EFCC), Mr Abdulrashed Bawa, said employees of financial institutions in the country, including their CEOs, have till June 1, 2021, to declare their assets.

Mr Bawa said this when he addressed newsmen after a meeting with President Muhammadu Buhari at the Presidential Villa in Abuja.

The EFCC boss said the failure of any banker in the country to declare his/her assets by the deadline will result in imprisonment for a term of 10 years as stipulated by the law.
The directive has legal backing

He told journalists that the Bank Employees, ETC. (Declaration of Assets) Act 1986 mandates every employee of a bank to make full disclosure of assets upon employment, and annually in subsequent years.

According to him, section 7 (1) of the law 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.”

He added that section 7(2) emphasised that, “Any employee guilty of an offence under subsection (1) of this section shall on conviction be liable to imprisonment for 10 years and shall, in addition, forfeit the excess assets or its equivalent in money to the federal government.”
Reason for the order

Mr Bawa said his agency is triggering these provisions 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.

He said the EFCC was determined to tackle money laundering in the country and bring sanity into the financial system.
Bank executives already jittery

But since this information was revealed yesterday, some bank executives have been nervous and sources close to some of them informed Business Post that efforts are being made to lobby powerbrokers in the country to push the deadline forward.

“I can tell you that this statement by the EFCC chairman is not going down well with a lot of bank executives.

“I can also tell you for a fact that some of them are making efforts to clean up their tracks and possibly talk to those in power to extend the June 1 deadline.

“To them, the timeframe is too short and they believe it should be moved forward except the EFCC chair wants to use this as a vendetta,” one of the sources told this newspaper.

Another said, “I am not surprised this is coming from the EFCC chairman. He is vast in financial crimes and forensic. He has handled cases of high-profile Nigerians and he knows how senior bankers help politicians to launder money.

“A few of us saw this coming and we expect more from him because he knows the game very well. He has already thrown many top executives of banks into confusion with this directive. I think it is good for the financial sector.”

Buhari supports directive

But it is not certain how these CEOs and executives would go about it as the President fully supports the EFCC chairman on this directive.

Mr Bawa, according to information gathered, was in Abuja yesterday to discuss this issue with him and by informing State House Correspondents of the development shows that he has the full banking of Mr Buhari.

President Buhari has not hidden his desire to clean up the country of corruption. In fact, it is one of the key targets of his administration.

https://businesspost.ng/banking/bank-ceos-others-jittery-over-efcc-asset-declaration-directive/

This is good for corporate governance too.
Some bankers create shell companies, appoint fronts so no one will easily know they own the company and then use those companies to corner contracts from their employer banks.
Many of them abound especially in First Bank Plc. as alleged by insider sources reports.

All those who theive this con3 will have their Day

Nice one! The EFCC act must also be amended to compel the CCB to make public all public office holders (Presidency & aides, Ministers, NASS members, service chiefs, Permanent secretaries etc) Asset declaration forms and expunge the useless clause that it must only be made public only on the request of the declearee.

This is to avoid the unacceptable situation wherein Justice Onneghen's forms were leaked to nail his corruption while the same CCB is insulting our sensibility that Buhari, Osinbajo Fashola, Amaechi, Fayemi's own can only be made public with their consent even when they're already public servants.Clear conscience fears no accusation.He that comes to equity must comes with clean hands.

Very good development. What of the bank directors who give themselves fraudulent loans running into billions?