Celebrating Excellence & Integrity

House Of Representatives 5 750x375

Reps move to halt Bank employees from owning foreign bank account

Posted By Godwin Onyemaechi

The House of Representatives has begun the amendment of the Bank Employees Declaration of Asset Act, seeking to ban bank employees from owning foreign accounts.

The amendment being sought will also ensure that the process of asset declaration for Customs officers is made less cumbersome as they will no longer be required to declare their assets to the Secretary to the Government of the Federation, but to the Code of Conduct Bureau as contained in the 1999 constitution.

The bill seeking to amend the Bank Employees (Declaration of Assets) Act CAP B1 Laws of the Federation 2004 was enacted in 1986 by the military regime of General Ibrahim Babangida.

The bill which passed second reading in the House of Reps on Thursday is sponsored by Shina Peller (APC, Oyo)

Leading the debate on the bill, Peller said “the Intendment of the Act, among others, is to make provisions for the declaration of assets by employees of banks operating in Nigeria and to empower the President to extend its application to other categories of persons.”

He explained that by virtue of section 12, the Act also applies to the Comptroller General, Deputy Comptroller- General, Assistant Comptroller General, Principal collector, collector and other officers, staff or employee of the Nigerian Customs Service as they apply to a Chief Executive or an employee of a bank.

He said “the Policy behind the Act was aimed at monitoring the activities of bank employees and Customs Officers to ensure that their life style reflect their earnings, and to discourage them from engaging in corrupt practices.”


Img 20201009 Wa0036
Hit An Icon...Cool to share to any