The House of Representatives Committee on Financial Crimes has begun work on a bill to make it mandatory for workers in the banking, insurance and pension industries to declare their assets.
Members of banks and other financial institutions will also be barred from operating accounts outside the shores of Nigeria by the proposed law Their spouses and children may also be required to declare their assets if the bill becomes law.
In the same vein, the Secretary to the Government of the Federation would also be removed from the responsibility of keeping records of the assets declared by Nigeria Customs Service and bank workers, and transferring it to the relevant regulator of each industry.
The Chairman of the committee, Ibrahim Dutse, while briefing on the Bank Employees, Etc., (Declaration of Assets) Amendment Bill 2021, in Abuja on Tuesday, said the proposal was to reflect the prevailing situation in the country.
The bill seeks to amend or review the existing Act to “conform to current realities in the country.”
He said, “It is worthy of note that the Act was promulgated under the military era and, as such, carries with it some elements of that regime, hence the significance of this amendment. The overall objective of the legislative proposal is to check the excesses of not only bank employees but also the financial institutions in general.
“You will agree with me that in modern times, there has been a surge in the establishment of various forms of financial institutions in our society, in comparison with what was obtainable in the 1960s and even 1980s when financial institutions in Nigeria were mostly banks.”
He added, “Today, we have a proliferation of insurance companies, mortgage banks, pension fund administrators and even lending organisations, etc., who equally require supervision like banks.”
The lawmaker representing Iseyin/Itesiwaju/Kajola/Iwajowa Federal constituency in Oyo State, Mr Shina Peller, who sponsored the bill, had on June 10, 2021, said the law was 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.
