Senate begins move to amend 35-year old BEDA Act

The Senate on a Tuesday considered a bill seeking to amend the 35-year old Bank Employees Declaration of Assets (BEDA) Act 1986.

“The Bill For An Act To Amend The Bank Employees (Declaration of Assets) Act CAP B1 Laws of The Federation 2010 And For Other Related Matters 2022 (SB. 900)” was sponsored by Senator Sani Musa (Niger East).

Sponsor of the bill, in his lead debate, said the BEDA Act came into force 35 years ago on the 26th of September, 1986.

He, however, observed that with the creation of the Code of Conduct Bureau, which came into effect 13 years after the BEDA Act, the provisions in the latter have been overtaken by the 1999 Constitution as amended.

He recalled that on 16th March, 2021, the Economic and Financial Crimes Commission (EFCC) announced that all employees of financial institutions (including banks) in Nigeria must declare their assets before 1st June, 2021, in line with the provisions of the BEDA Act 1986.

Accordingly, Senator Musa stated that the bill when passed and signed into law, would make it mandatory for financial institutions, pension fund administrators, insurance firms and stockbrokers and their employees to declare their assets.

According to him, it would also provide the required framework to monitor the financial activities of employees of banks and pension administrators to ensure that their lifestyle reflects their earnings.

He added that doing so would discourage the employees from engaging in corrupt practices.

“This bill 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,” Senator Musa said.

The lawmaker explained that the bill also seeks to unburden the office of the Secretary to the Government of the Federation of the responsibility of keeping records of declared assets by Nigeria Customs and bank workers and transferring same to the regulator of each industry.

The bill after scaling the second reading during the plenary was referred by the Senate President, Ahmad Lawan, to the Committee on Banking, Insurance and other Financial Institutions.

The Committee was given four weeks to report back to the chamber.

In a related development, two bills seeking to establish the National Institute for Education Planning and Administration; and Federal College of Education Okobo, Akwa-Ibom State, have both passed second reading in the Senate.

The bills were sponsored by Senators Patrick Akinyelure (Ondo Central) and Akon Eyakenyi (Akwa-Ibom South), respectively.

The bills after consideration were referred by the Senate President to the Committee on Establishment and Public Service Matters, and Tertiary Institutions and TETFUND to report back in four weeks.

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

We Have Not Had Water Supply In Months ― Abeokuta Residents

In spite of the huge investment in the water sector by the government and international organisations, water scarcity has grown to become a perennial nightmare for residents of Abeokuta, the Ogun State capital. This report x-rays the lives and experiences of residents in getting clean, potable and affordable water amidst the surge of COVID-19 cases in the state…BBNaija 2020 housemate.  BBNaija 2020 housemate

Selfies, video calls and Chinese documentaries: The things you’ll meet onboard Lagos-Ibadan train

The Lagos-Ibadan railway was inaugurated recently for a full paid operation by the Nigerian Railway Corporation after about a year of free test-run. Our reporter joined the train to and fro Lagos from Ibadan and tells his experience in this report…BBNaija 2020 housemate. BBNaija 2020 housemate