The Economic and Financial Crimes Commission (EFCC) has made good its threat to pounce on bank and customs service chiefs who live beyond their income through the declaration of assets.

EFCC chairman, Abdulrasheed Bawa, had told all bank workers on May 31st, 2021 to prepare for the declaration of their assets by this month (June).

EFCC chairman, Abdulrasheed Bawa, had told all bank workers on May 31st, 2021 to prepare for the declaration of their assets by this month (June).

A directive to that effect had been given to the managing directors, deputy managing directors and executive directors as contained in a June 1, 2021, letter to them, ThisNigeria has gathered.

“In line with the decision of the Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa, to demand the asset declaration forms filed by bankers beginning from June 1, 2021. The commission has demanded the asset declaration forms of the executive management of all banks in the country,’’ Bawa was quoted to have said.

He added that it would no longer be business as usual for bank CEOs and their employees who live flamboyantly.

That represents another front in the war against graft in Nigeria, particularly in the finance sector.

The new law provides that ‘’any (bank) employee guilty of an offence under Sub Section (1) of this Section shall on conviction be liable to imprisonment for ten years, and shall, in addition, forfeit the assets or its equivalent in money to the Federal Government.’’

It added, ‘’The appropriate authorities shall cause to be verified every Declaration of Assets Form and Annual Assets Declaration Form submitted under this Act and may direct that a thorough investigation should be conducted into the assets and activities of his spouse, child, relative, parent, associate or privy.’’

The Act also gives guidelines on how bank workers would disclose their assets.

It is not a new law. In 1986, President Ibrahim Babangida had promulgated a law branded ‘Bank Employees etc (Declaration of Assets) Act to compel bank workers and top customs officers to declare their assets.

Bank executives, their family members and cronies living beyond their means, now risk ten-year jail upon conviction by a Federal High Court.

Section 12 of the same Act also prescribes 10-year jail for falsification of documents relating to importation and exportation of goods, products or articles in the Customs Service.

The section specifically read, ‘Application of Act to the Nigerian Customs Service and to other Persons and Institutions’.

In the Customs, the law targets the Comptroller-General, Deputy Comptroller-General and Assistant Comptrollers-General, as well as Chief Collectors, Principal Collectors, Collectors and ‘’other official staff or employee of Nigerian Customs Service as they apply to the chief executives of banks.’’

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Those aiding bankers and customs officials to acquire and hide illegal assets also now risk a seven-year jail term.

The EFCC under the Bawa administration needs commendation on the asset declaration war. But there is an onerous task ahead.

The chairman said the agency is determined to pursue asset declaration in the banks to the core ‘’despite the anxiety in the sector’’. Agreed.

We wholeheartedly welcome this new EFCC resolve, but there are also factors to be considered for the workability of this new graft warfare.

But the first issue to consider is the aspect of implementation.

In the Customs sector, the date of commencement of the declaration of assets by officers has not yet been fixed.

Bank executives were only given two weeks before the full implementation of the drive.

The anti-corruption war, no doubt, needs good strategy and co-ordination to win.

There is also the need to build the people’s confidence before the war could be effective to ensure that the culture of probity, accountability and transparency are entrenched in public life.

The EFCC must know that, to win its war on graft, toes would be stepped on.

We fear that victory might be difficult to achieve due to some prevailing factors and interests.

It’s been observed that value change is imperative to a society that desires a revolutionary change.

Bankers and customs men need to co-operate with the authorities to ensure success in the war for integrity, transparency and honesty.

However, the EFCC must take into consideration some issues raised by stakeholders in the industry, like National Union of Banks, Insurance and Financial institutions (NUFIBIE) and Association of Senior Staff for Banks, Insurance and other Financial Institutions (ASSBIFI) who have urged the EFCC to focus only on those people who hold senior positions.

All said and done, the anti-graft war needs more tempo to succeed. Loopholes must be plugged.