ABUJA — The House of Reps is seeking to prohibit the banking sector from operating foreign accounts with the bill to amend the Bank Employee Act which recently passed the second reading.
Lawmakers had on Tuesday debated the bill that seeks to amend a decree promulgated by the Ibrahim Babangida military administration.
The bank employees’ declaration of assets act amendment bill also mandates the bankers to declare assets of their spouses and children less than 18 years old.
According to Shina Peller (APC, Oyo), the sponsor of the bill, the legislation seeks to block lacuna in the principal act. Adding that, it has become necessary to expand the scope of the act regarding those who should declare their assets.
The lawmaker from Oyo state said the act was “aimed at monitoring the activities of bank employees and customs officers to ensure that their lifestyle reflects their earnings, and to discourage them from engaging in corrupt practices.”
“However, human society is very dynamic. As society changes, it becomes imperative to amend the laws to reflect the changes in the society for the laws to serve their purposes effectively and efficiently. It is for this reason that I am proposing the amendment to this Act.
“The principal act applies to employees of the Nigerian Customs Service. With the coming into effect of the 1999 constitution (as amended) on the 29th of May 1999, all public servants, including employees of the customs service must declare their assets to the Code of Conduct Bureau.
“This amendment bill addresses this anomaly by removing the employees of the customs service from employees which the principal act applies to.
“Under the Principal Act, it is only the assets of bank employee concerned which shall be declared in the form. The act does not apply to the spouse and unmarried children under 18 years of the declarant. This is another loophole of the Act which may be exploited.”
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