BANK EMPLOYEES, ETC. (DECLARATION OF ASSETS) ACT
Act · Technology
An Act requires senior employees of banks and financial institutions to declare their assets and liabilities annually. It targets senior bank employees, directors, and anti-corruption agencies. This prevents conflicts of interest and detects corrupt practices.
BANK EMPLOYEES, ETC. (DECLARATION OF ASSETS) ACT
What Is This Policy?
An Act requiring senior employees of banks and other financial institutions to declare their assets and liabilities annually to prevent conflicts of interest and detect corrupt enrichment.
Who Does It Target?
Senior bank employees above prescribed grades Directors and management of commercial banks The Central Bank of Nigeria as supervising body EFCC and relevant anti-corruption agencies
What Does It Aim to Achieve?
Prevent bank employees from misappropriating bank funds or engaging in conflict-of-interest transactions by requiring transparency about their personal financial positions.
Key Features
Mandatory Declaration: Covered bank employees must submit annual declarations of their assets, liabilities, and interests. Annual Filing: Declarations filed with the relevant bank board and CBN. Verification: CBN may verify declarations and investigate apparent inconsistencies. Sanctions: Failure to declare or making false declarations attracts dismissal and criminal prosecution.
Current Status
Rollout Stage: Active Coverage: All licensed banks and financial institutions Beneficiaries: Banks; depositors; financial system integrity Funding: Bank operational costs
How to Access
Affected employees must file declarations by the prescribed annual deadline New employees must file within 30 days of assumption of duty Declarations must be updated whenever material changes occur Application method: File declarations through bank HR and compliance departments.
Important Terms
False declarations constitute fraud and attract criminal prosecution Unexplained wealth inconsistent with declared assets may trigger EFCC investigation Declarations are confidential but accessible to CBN examiners
Official Resources
Website: https://www.cbn.gov.ng Contact: Central Bank of Nigeria (CBN)
Legal Framework
Enacted under the legislative powers of the National Assembly as the Bank Employees, etc. (Declaration of Assets) Act (Cap B1 LFN 2004). Operates alongside the Banks and Other Financial Institutions Act (BOFIA) 2020, the CBN Act 2007, the EFCC (Establishment) Act 2004, and the Money Laundering (Prevention and Prohibition) Act 2022. Aligns with FATF Recommendations on anti-corruption compliance in financial institutions.