– Defaulters risk 10-year jail term
Bankers who fail to declare their assets before the two-weeks deadline issued by the Economic and Financial Crimes Commission risk a 10-year jail term, Checkout Magazine learnt.
The anti-graft agency gave bankers two weeks to declare their assets in compliance with the Bank Employees, etc (Declaration of Assets) Act 1986. The application of the law begins today.
Besides declaration of assets by the CEOs, anti-graft agencies are to trace suspected assets to parents, spouses, children and associates of bank workers.
After the declaration, the CEOs are to submit all the forms within seven days to the appropriate authority or the designated agency, the Economic and Financial Crimes Commission (EFCC).
The Chairman of EFCC, Abdulrasheed Bawa, on March 16, told all bank workers to prepare for the declaration of their assets by this month.
Bawa also said there was no going back on the application of the 35-year-old law beginning from June 1.
The penalty for violation of the Act is contained in Section 7(2), which stipulates a 10-year jail term for offenders.
