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Business

EFCC gives all bankers ultimatum to declare their assets

The EFCC has directed all bankers to declare their assets, latest by June 1, 2021.

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The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Abdulrasheed Bawa, has directed that all operators in the Nigerian financial system, especially bankers, must declare their assets latest by June 1, 2021.

The EFCC boss said that the move is in line with the Bank Employees (Declaration of Asset) Act. 1986, is part of the measures to sanitize the country’s financial system.

This disclosure was made by Bawa while speaking to State House Correspondents after a closed-door meeting with President Muhammadu Buhari at State House, Abuja on Tuesday, March 16, 2021.

Bawa, who pointed out that this meant to ensure that the country is free of financial crimes, also said that this will block some of the loopholes being exploited by unscrupulous players in the sector to undermine the Nigerian economy through money laundering and illicit financial flows.

READ: CBN discloses conditions for assessing N100 billion credit facility, addresses ‘process problems’

What the EFCC Chairman is saying

Bawa in his statement said, ”We are doing our best to ensure that this country is free of financial crimes. We understood that the tail end of every financial crime is for the criminal to have access to the funds that he or she has illegitimately gotten, and we’re worried about the roles of financial institutions.

”We hope that all financial institutions, particularly the bankers, will declare their assets as provided for by the law, in accordance with the Bank Employees Declaration of Asset Act. And that the EFCC, come June 1, 2021, will be demanding for this asset declaration forms, filled by the bankers so that the line that we have drawn from the first of June is really complied with by bankers in particular.

READ: DSS invites EFCC’s Acting Chairman, Ibrahim Magu for questioning

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Going further he said, “Section 1 of the Bank Employees, ETC. (Declaration of Assets) Act 1986 makes it mandatory for every employee of a bank to make full disclosure of assets upon employment, and annually in subsequent years.

‘’The law under Section 7 (1) stipulates that it shall be an offence for an employee of a bank to own assets in excess of his legitimate known and provable income. The penalty for violation of the Act as spelt out in section 7 (2) includes imprisonment for a term of ten years.

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‘’Any employee guilty of an offence under subsection (1) of this section shall on conviction be liable to imprisonment for ten years and shall, in addition, forfeit the excess or its equivalent in money to the Federal Government.’’

READ: Nigeria needs to repatriate all stolen assets – EFCC boss nominee

In case you missed it: Bawa, who was nominated as the substantive EFCC Chairman on February 16, 2021, following the removal of the former head of the anti-corruption agency, Ibrahim Magu, was confirmed by the National Assembly on February 24, 2021.

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While meeting with the President

The EFCC boss, who met with the president for the second time since his appointment last two weeks, revealed that he updated Buhari on the ongoing reforms being carried out by the new management of the commission.

READ: Most Nigerian banks may fail stress tests if economic downturn persists

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Business

Roads take up 60% of Lagos capital expenditure yearly – Sanwo-Olu

The Governor cited that fixing road infrastructure is important as Lagos State has over 10,000 roads.

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Lagos dismisses levy on audio and visual contents, suspends LSFVCB boss, Lagos SEC meeting goes virtual as full lockdown commences, Partial lockdown guidelines for businesses from May 4, Nigeria @ 60: Lagos State Government opts for a low-key celebration of the Independence Day

The Lagos State Governor, Babajide Sanwo-Olu stated that road construction and maintenance is 60% of the Sate’s capital expenditure every year, citing that fixing road infrastructure is important as the state has over 10,000 roads.

The Governor disclosed this in an interview with Channels TV on Sunday evening.

“Infrastructure in terms of roads is critical to us, if you take Lagos West, right now we have just awarded the old Navy town road in Ojo and other notorious heavy traffic roads,” he said.

“Around Lagos East, we are doing similar projects at the same time, also at Lagos Central in Ikoyi, which are brand new roads with drainages everywhere. That’s what the citizens needs, we are also focusing on regional roads and also internal roads.

Lagos has over 10,000 roads, it’s huge for us, its a work in progress but we need to be very strategic, we are looking at roads that can be used for commuting and connecting communities.

We must continue fixing roads, it is always about 55-60% of our capital expenditure every year,” he added.

What you should know 

  • Nairametrics reported earlier this year that Lagos State announced that it will increase infrastructure spending in 2021 to 60% of its budget, in a bid to repair damages inflicted by hoodlums in October following the EndSARS protests.
  • Also, the National Bureau of Statistics recently revealed that Lagos State recorded the highest Internally Generated Revenue of N418.99 billion, accounting for 32.1% of the total; followed by Rivers State with N117.19 billion.

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Sanwo-Olu says Lagos rail projects will cost over N100 billion

The physical construction of phase 1 has moved from about 55% completion to about 93% completion.

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Hoodlums not Police killed bystander - Lagos State Govt., Lagos State Governor presents Budget Estimates of N1.155 trillion to legislators

The Lagos State Governor, Babajide Sanwo-Olu, has said that the rail line projects being constructed by the state government will cost more than ₦100 billion.

This is as the Governor revealed that his predecessor, Akinwunmi Ambode, did not fund the project.

This disclosure was made by the Governor while appearing on a Channels Television programme, Sunday Politics, in Lagos on Sunday. He said that since his administration came in, the physical construction of phase 1 has moved from about 55% completion to about 93% completion.

What the Governor of Lagos State is saying

Sanwo-Olu said, “I don’t criticize my predecessor, but indeed for whatever planning and for whatever reasons, he never funded it. So when we came in the last two years, the contractor has since significantly moved from about 55 per cent; now we are about 93, 94 per cent in terms of the physical construction of phase 1.”

On the question about the cost of the rail projects being constructed by the state government, the governor said, “It’s a lot of money. It is well over N100 billion to be honest with you. It is largely government funding but you know we have to use what is called creative financing.’’

The disclosure by Sanwo-Olu is coming 3 days after he flagged off the ‘red line’ rail project which, when completed, has the capacity to commute at least one million persons daily.

During the ground-breaking ceremony for the construction, the governor explained that the 37-km Rail Mass Transit will traverse from Agbado to Marina, noting that it would become operational by the last quarter of 2022.

Since efficient transportation is the backbone of any economy, we are happy to be committing this investment in our transport infrastructure, so that our people can meet their daily targets and aspirations.

This all-important transport project we are all gathered to witness today represents a major step in this direction,” the governor said during the event held at the proposed site of the Ikeja Train Station.

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