The Human and Environmental Development Agenda (HEDA Resource Centre) has charged the Federal Government on the immediate enforcement of the Bank Employees on the Declaration of Assets Act. This move is part of a concerted effort to combat corruption and promote transparency within Nigeria’s banking sector.
In a letter signed by HEDA’s Chairman, Olanrewaju Suraju, addressed to the Secretary to the Government of the Federation, Senator George Akume, The anti-corruption group emphasized the significance of the Bank Employees on the Declaration of Assets Act, currently in effect. The Act was instituted during a period marked by rampant corruption within the banking industry, with corrupt public officials frequently exploiting bank employees and financial institutions to launder ill-gotten gains.
Section 1 of the Act mandates that all bank employees in Nigeria disclose their assets within 14 days of the Act’s commencement or upon their employment as new staff. Furthermore, Section 2 confers authority upon the President or an appointed figure, such as the Secretary to the Federal Government or an individual designated in the Federal Gazette, to oversee the Act’s implementation.
HEDA expressed deep concern over the Act’s apparent neglect since the inception of the 4th Republic in 1999. The organization has brought the Act’s provisions to the forefront, underscoring its pivotal role in combatting corruption and fostering public trust in the banking sector.
President Bola Ahmed Tinubu’s administration, which commenced with a promise of economic prosperity for all Nigerians, is inherently tied to the elimination of avenues for misappropriating public funds. Consequently, HEDA firmly underscores the immediate and comprehensive implementation of the Bank Employees on the Declaration of Assets Act as an essential component of fulfilling this commitment.
The letter reads in part, “We therefore bring the provisions of the Bank Employees, etc. (Declaration of Assets) Act to your attention and demand that you take urgent action either through your office or appointment of any institution by an instrument published in the Federal Gazette to fully implement the Act and mandate all Banks employees to declare their assets in compliance with the Act.”
“We trust that you will treat this letter with utmost urgency and take decisive actions in fulfillment of this mandate as provided in the Bank Employees, etc. (Declaration of Assets) Act. We assure you that we will closely monitor this development.”
This call to action by HEDA highlights the pressing need to address corruption within Nigeria’s banking sector and uphold principles of transparency and accountability, in alignment with international best practices and standards.