National Assembly Working On Barring Bankers From Operating Foreign Accounts

The House of Representatives is considering barring staff
members of banks and other financial institutions from operating
accounts outside the shores of Nigeria.

Their spouses and children may also be mandated to declare their
assets when a bill presently at the House becomes law.

This was contained in the ‘Bank Employees, Etc., (Declaration of
Assets)(Amendment) Bill 2021’, which is awaiting second
reading.

The legislation was titled ‘A Bill for an Act to amend the bank
employees, etc., (Declaration of Assets) Act CAP. B1 Laws of the
federation of Nigeria 2004 to reflect the prevailing situation in
the country’.

The bill, sponsored by the lawmaker representing
Iseyin/Itesiwaju/Kajola/Iwajowa Federal constituency in Oyo State,
Mr Shina Peller, proposed a series of amendments to the Act.

Section 1 of the Act is to be amended by deleting the existing
subsections and inserting new ones that read, “(1) Every employee
of a bank shall, immediately after assuming duty and, thereafter,
at the determination of his (or her) employment, and in the case of
a serving banker, within thirty (30) days of the receipt of the
Declaration of Assets form from the appropriate authority or at
such other intervals as the President or the appropriate authority
may specify, make a full disclosure of his (or her) properties,
assets and liabilities, and those of his (or her) spouse or
unmarried children under the age of 18 years.

“(2) For the purpose of this section, a transfer or secondment
from one bank to another shall be treated as a new employment.”

The bill is also seeking amendment to Section 5 by inserting new
subsections that prohibits foreign accounts for bank workers.

“(a) A bank employee shall not maintain or operate a personal
bank account in any country outside Nigeria.

“(b) Any complaint that a bank employee has committed a breach
of or has not complied with the provisions of this Act shall be
made to the Central Bank of Nigeria or the appropriate regulatory
body in the case of employees of other Financial Institutions.”

Section 12 of the Act is to be amended by deleting the existing
provisions and replacing them with, “(1) The President may direct
by an instrument published in the Federal Gazette that the
provisions of this Act be applied to other financial institutions.
(2) Where the President directs as provided in Subsection 1 of this
section, the Act shall apply subject to such textual modification
as may be necessary for its execution.”

The House of Representatives is considering barring staff
members of banks and other financial institutions from operating
accounts outside the shores of Nigeria.

Their spouses and children may also be mandated to declare their
assets when a bill presently at the House becomes law.

This was contained in the ‘Bank Employees, Etc., (Declaration of
Assets)(Amendment) Bill 2021’, which is awaiting second
reading.

The legislation was titled ‘A Bill for an Act to amend the bank
employees, etc., (Declaration of Assets) Act CAP. B1 Laws of the
federation of Nigeria 2004 to reflect the prevailing situation in
the country’.

The bill, sponsored by the lawmaker representing
Iseyin/Itesiwaju/Kajola/Iwajowa Federal constituency in Oyo State,
Mr Shina Peller, proposed a series of amendments to the Act.

Section 1 of the Act is to be amended by deleting the existing
subsections and inserting new ones that read, “(1) Every employee
of a bank shall, immediately after assuming duty and, thereafter,
at the determination of his (or her) employment, and in the case of
a serving banker, within thirty (30) days of the receipt of the
Declaration of Assets form from the appropriate authority or at
such other intervals as the President or the appropriate authority
may specify, make a full disclosure of his (or her) properties,
assets and liabilities, and those of his (or her) spouse or
unmarried children under the age of 18 years.

“(2) For the purpose of this section, a transfer or secondment
from one bank to another shall be treated as a new employment.”

The bill is also seeking amendment to Section 5 by inserting new
subsections that prohibits foreign accounts for bank workers.

“(a) A bank employee shall not maintain or operate a personal
bank account in any country outside Nigeria.

“(b) Any complaint that a bank employee has committed a breach
of or has not complied with the provisions of this Act shall be
made to the Central Bank of Nigeria or the appropriate regulatory
body in the case of employees of other Financial Institutions.”

Section 12 of the Act is to be amended by deleting the existing
provisions and replacing them with, “(1) The President may direct
by an instrument published in the Federal Gazette that the
provisions of this Act be applied to other financial institutions.
(2) Where the President directs as provided in Subsection 1 of this
section, the Act shall apply subject to such textual modification
as may be necessary for its execution.”