Shina Peller proposes bill barring bankers from operating foreign accounts

A new legislation titled ‘Bank Employees, Etc., (Declaration of Assets)(Amendment) Bill 2021’ seeks to prevent staff members of banks and other financial institutions from operating accounts outside the shores of Nigeria.

The bill may also mandate their spouses and children to declare their assets when it becomes law.

The bill, sponsored by the lawmaker representing Iseyin/Itesiwaju/Kajola/Iwajowa Federal constituency in Oyo State, Mr Shina Peller, proposed the series of amendments to the Declaration of Assets) Act CAP. B1 Laws of the federation of Nigeria 2004.

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 proposed bill stated.