EFCC Demands Assets Declaration Forms of Bank MDs, DMDs, EDs

Kingsley Nwezeh in Abuja

Following an earlier decision of the Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Abdulrasheed Bawa, to demand for the assets declaration forms filed by bankers beginning from June 1, 2021, the commission yesterday made a fresh demand for the assets declaration forms of the executive management of all banks in the country.
The demand for the assets declaration of bank chief

executives came as the EFCC boss called for the simplification of evidentiary requirements and other mutual legal assistance procedures to enhance international cooperation and facilitate timely recovery and return of stolen assets.

Bawa took the position while presenting Nigeria’s statement at the ongoing United Nations General Assembly Special Session on corruption in New York, United States.
THISDAY gathered that the request for the assets declaration forms of the top executives of banks was contained in a letter to the managing directors of the banks dated June 1, 2021. Listed among the officers whose assets declaration forms are expected by the commission are managing directors, deputy managing directors and executive directors of all the banks.

The request is pursuant to the Bank Employees, Etc. (Declaration of Assets) Act, 1986, which mandates bankers to declare assets upon employment and annually thereafter.
The commission reiterated that violators of the law risk imprisonment for a term of up to ten years.

Meanwhile, the EFCC boss called for the simplification of evidentiary requirements and other mutual legal assistance procedures to enhance international cooperation and facilitate timely recovery and return of stolen assets.

He said “measures must be introduced to mitigate the continuous flow of illicit funds from least developed to developed countries” and that “state parties must continue to commit to the timely return of illicit assets and ensure implementation of effective anti-money laundering measures by International Financial Centres”.

A statement by EFCC said the special session which opened on Wednesday June 2, 202, was designed to examine measures to prevent and combat corruption and strengthen international cooperation, pursuant to the General Assembly resolutions 73/191 and 74/276 as well as decision 74/568, including the adoption of a set of action-oriented political declaration on corruption.

The declaration which were agreed upon in advance through intergovernmental negotiation by State Parties to the United Nations Convention Against Corruption, UNCAC, covered the thematic areas of prevention, criminalisation and law enforcement; assets recovery and international cooperation as well as cross-cutting issues like education and research, among others.

Addressing the special session, Bawa said Nigeria acknowledged the very beneficial use of “settlements” or “non-trial resolutions” to ensure the disgorgement of illicit gains from corrupt acts. He called on Jurisdictions negotiating settlements to, “inform affected jurisdictions that a negotiation toward a settlement is taking place, and proactively share information on concluded settlements”. The EFCC chair underlined the threats which corruption poses to the world.

“Corruption across national borders has huge negative impacts on the stability, peace, and economic prospects of millions, particularly in developing countries. Corruption remains one of the most pervasive and daunting challenges facing humanity. It deprives national governments of resources needed for sustainable development and facilitates Illicit Financial Flows (IFFs) from developing economies to developed countries, thus weakening states’ ability to deliver developmental expectations targeted at women and youths.

“Nigeria, like many other countries, has suffered from the damaging effects of corruption. The country has lost billions of dollars to foreign tax havens, stolen and expatriated by corrupt leaders and their foreign accomplices including multinational companies”.

He, however, noted that Nigeria under the leadership of President Muhammadu Buhari had been upfront in its commitment to fighting corruption.

He explained that aside making the fight against corruption a key policy of the administration, the government developed a National Anti- Corruption Strategy (NACS) as a framework for preventive and law enforcement engagement and introduced measures to mitigate revenue leakage, including a whistleblower policy which led to the recovery of $43million.

“Public corruption is being exposed by the day and several politically exposed persons have been and are being prosecuted and divested of their illicit assets. We have been engaging with international law enforcement agencies around the world and some of the collaboration has led to the recovery and repatriation of stolen funds including the recent return of the £4.2million by the UK government that was stolen from Nigeria by a former Governor.

“Procurement processes have been strengthened and activities of the gate keepers are being monitored through the Special Control Unit Against Money Laundering to serve as deterrence to the stealing of public funds. Policies have been introduced to mitigate revenue leakages including the development of the National Anti-Corruption Strategy (NACS)”, he said.