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.
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
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.
‘’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.
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
EFCC Gives Bankers Ultimatum on Asset Declaration
The Economic and Financial Crimes Commission, EFCC, has said that it expects all operators in the Nigerian financial system especially bankers to declare their assets latest June 1 pic.twitter.com/CZKtzhTxIF
— EFCC Nigeria (@officialEFCC) March 16, 2021
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.
Business
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.
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.
