Members of the House of Representatives on Thursday expressed support for a bill which seeks to bar bank employees from operating foreign accounts and ensure compulsory asset declaration by bank employees, as part of efforts aimed at stemming corruption in the financial sector.
The lawmakers expressed their support during the debate on a bill which seeks to amend the Bank Employees etc (Declaration of Assets) Act CAP B1 Laws of the Federation 2004 which was enacted on the 26th of September 1986 by the military regime of General Ibrahim Babangida.
In his lead debate, Hon. Shina Peller, who underscored the need to “empower relevant agencies to rid our financial system of financial crooks.”
While peaking on the general principles of the bill, Hon. Peller explained that the proposed amendment seeks to, among others, “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.
“The Act by virtue of section 12 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.
“The Policy behind the Act was aimed at monitoring the activities of bank employees and Customs Officers to ensure that their lifestyle reflects their earnings and to discourage them from engaging in corrupt practices. However, human society is very dynamic.
“As society changes, it becomes imperative to amend the laws to reflect the changes in the society for the laws to serve their purposes effectively and efficiently. It is for this reason that I am proposing the amendment to this Act.”
While noting that the Principal Act applies to only employees of banks and Customs Service, Hon. Peller explained that the proposed amendment “seeks to extend the application of the Act to employees of other financial institutions which have emerged as key players in the Nigerian financial sector over the years. i.e. Pension Funds Agencies, Insurance firms, stockbrokers, etc.
“In the Principal Act, it is the Secretary to the Government of the Federation that is given the responsibility of keeping completed forms of Assets Declaration by employees of banks and Customs Service.
“Then, the Secretary to the Government of the Federation combines the functions of the present Head of Service of the Federation and Secretary to the Government of the Federation.
“It is doubtful whether records of assets declaration were kept as prescribed by the Act.
“The amendment Bill seeks to transfer this responsibility to the appropriate regulatory body of the financial institution to which the staff concerned belongs i.e Central Bank of Nigeria for the bank employees, Pension Commission for employees of Pension Fund Administrators, Security and Exchange Commission for stockbrokers, etc.
“It was also observed that the Principal Act did not prohibit employees of banks from having foreign accounts.
“This omission may be exploited. The Amendment Bill expressly prohibits employees of banks from operating foreign accounts.
“The Principal Act applies to employees of the Nigerian Customs Service. With the coming into effect of the 1999 constitution (as amended) on the 29, May 1999, all public servants, including employees of the Customs Service must declare their assets to the Code of Conduct Bureau.
“It would amount to duplication of duty if employees of the Nigerian Customs Service Still declare their assets to the Secretary to the Government of the Federation as prescribed by the Principal Act.
“This Amendment Bill addresses this anomaly by removing the employees of the Customs Service from employees which the principal Act applies to.
“Under the Principal Act, it is only the assets of bank employee concerned which shall be declared in the form.
“The Act does not apply to the spouse and unmarried children under 18 years of the declarant.
“This is another loophole of the Act which may be exploited.
“To address this, the Bill makes assets declaration by declarants to include the assets of their spouses and unmarried children less than 18 years old,” he noted.
The bill was referred to the House Committee on Banking and Currency for further legislative action.
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