Bankers to stop operation of foreign account

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 presented 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 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 this section, a transfer or secondment from one bank to another shall be treated as a new employment

The bill is also seeking an 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

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