The Economic and Financial Crimes Commission (EFCC) has issued a warning to about 120 Managing Directors (MDs) and top executives in the banking sector to submit their Asset Declaration Forms.
Although the initial deadline of June 14 has passed, the anti-graft agency issued a new deadline of the end of June for top bankers to submit their forms.
The EFCC Chairman, Abdulrasheed Bawa had given the order in line with the Bank Employees, ETC (Declaration of Assets) Act 1986. Defaulters are liable to 10 years in prison if found guilty by any Federal High Court.
According to this Act, bankers are bound to declare their assets through the appropriate authority but the forms were hardly scrutinized; a trend which the current EFCC chairman wants to change.
In March, The EFCC Chairman had expressed his dismay at the role that financial institutions and bankers played in promoting corruption,
He said, “We understood that at the tail end of every financial crime, it is for the criminal to have access to the funds that he or she has illegitimately acquired and we are worried about the roles of financial institutions.
“We have discussed, but we hope that all financial institutions, particularly the bankers, will declare their assets as provided for by the law, in accordance with the Bank Employees Declaration of Assets Act.”
Some bank directors said they were unable to meet the initial deadline because judicial workers were on a 2-month long strike, thus they were unable to notarise their declaration forms.
The National Union of Banks, Insurance, and Financial Institutions has urged the EFCC to consider extending the deadline given to bank executives. The Union also claimed the strike by court workers had prevented the submission of the declaration forms.
The president of the union, Anthony Abakpa said, “Before someone attains a managerial position in a banking institution, it is mandatory that they must declare their assets at a point of entry.
“So, all of the, have declared their assets through the EFCC, NBIC (Nigerian Bank for Commerce and Industry) and DSS (Department of State Service) before they came into the position.”
He added that the delay to submit the Asset Declaration Forms was due to the strike embarked on by court workers.
