We’re not in military regime – Momodu reacts as EFCC orders bankers to declare assets

March 16, 2021
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Media mogul, Dele Momodu, has kicked against the call by the Economic and Financial Crimes Commission (EFCC) directing all bankers and other operators in the Nigerian financial system to declare their assets by June 1, 2021.

EFCC Chairman, Abdulrasheed Bawa, gave the order on Tuesday after a meeting with President Muhammadu Buhari.

The EFCC boss disclosed that the move became necessary to block loopholes being exploited by unscrupulous players in the sector to undermine Nigerian economy through money laundering and illicit financial flows.

According to him, Section 1 of the Bank Employees, ETC. (Declaration of Assets) Act 1986 makes it mandatory for every employee of any Bank to make full disclosure of assets upon employment, and annually in subsequent years.

The penalty for violation of the Act, as spelt out in section 7(2) includes imprisonment of ten years for bankers.

Reacting, Momodu urged the anti-graft agency to start declaration of assets from government agencies and politicians not banks.

According to him, Nigeria is not in a military regime and banks belong to private sector

His tweet read: “Are we in a military regime? Why not start with government agencies and politicians? Banks belong largely to the private sector.”

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