The House of Representatives has introduced a bill seeking an amendment to Bank Employees (Declaration of Assets) Act, 2004 to reflect current realities and provide stiffer punishment for non-compliance by Bank staff.

The proposed legislation titled, ‘Bank Employees Etc.(Declaration of Assets) Act (Amendment) Bill, 2022, which scaled through first reading, was sponsored by Hon. Ademorin Kuye.

According to the bill’s draft, every employee of a bank shall, within seven days of the commencement of the law, make a full disclosure of all his assets.

Specifically, the proposed legislation stipulates that a bank employee who fails to make full disclosure of his or her assets and liabilities as required in the Act, on conviction is liable to imprisonment for a term of 15 years or N25 million fine.

It stated,

Bank Employees, Etc.(Declaration of Assets) Act, 2004. (hereinafter called “the Principal Act”) is amended as set out below. Section 1 of the Principal Act is amended to read thus, every employee of a Bank shall, within seven days of the commencement of this Act, make a full disclosure of all his assets. In the case of a new employee, he shall within seven days of assuming duty with the Bank make a full disclosure of all his assets at the time of his assuming duty; and for the purpose of this subsection, a transfer or secondment from one Bank to another shall be treated as a new employment.

Insert a new section 5 and re-numbering of the subsequent sections. 5 (1) A bank employee shall not maintain or operate a personal bank account in any country outside Nigeria. In the case of an existing account before his employment, he shall notify the appropriate banks, in writing, of closure of the account and a copy attached to his assets declaration form.

Section 8 of the Principal Act now Section 9 is amended to read thus; Offences relating to assets declaration, Any employee affected by this Act who knowingly fails to make full disclosure of the assets and liabilities required to be made under this Act; or knowingly makes a declaration that is false, knowing same to be false in part or in whole; or fails to answer any question contained in the appropriate form under this Act; or fails, neglects or refuses to make a declaration or furnish information as required by the provisions of this Act, commits an offence under this Act and shall be liable on conviction to imprisonment for a term of fifteen years or a twenty five million Naira fine.

Also at the plenary, the House passed for first reading a bill seeking control of small arms and light weapons, and compensation for victims of abduction, kidnappings and banditry.

The proposed legislation titled, ‘Control of Small Arms, Light Weapons and Restitution of Victims of Abduction, Kidnappings, Banditry Bill, 2022 (HB. 1839),’ is sponsored by Hon. Tajudeen Adeyemi Adefisoye.

Other Bill that scaled through first reading is, ‘Pension Reform Act (Amendment) Bill, 2022,’ sponsored by Deputy Speaker Hon. Ahmed Idris Wase

Meanwhile the House, dissolving into the Committee of the Whole, considered and approved recommendations of the report for a bill for an Act to make comprehensive provisions for the prohibition and punishment of sexual harassment of students by educators in tertiary educational institutions.

Justin Nwosu

Justin Nwosu is the founder and publisher of Flavision. His core interest is in writing unbiased news about Nigeria in particular and Africa in general. He’s a strong adherent of investigative journalism, with a bent on exposing corruption, abuse of power and societal ills.