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Posted by Anthony

Reps to expand scope of Bankers Employees Act

The House of Representatives Committee on Financial Crimes says it is in possession of a referral from the House to expand the scope of the Bank Employees Act and Other Related Matters.

Briefing newsmen on the importance of the amendment, the chairman of the committee, Alhaji Ibrahim Abdullahi, said the overall objective of the legislative proposal was to check the excesses of not only bank employees, but financial institutions in general.

This, according to him, is with a view to including employees of Banks, Insurance and Lending Firms as well as increasing the frequency of their assets declaration annually.

“You will agree with me that in modern times, there has been a surge in the establishment of various forms of financial institutions in our society, in comparison with what was obtainable in the 1960s and even 1980s, when financial institutions in Nigeria were mostly banks,” Alhaji Abdullahi recalled.

“Today, we have a proliferation of insurance companies, mortgage banks, Pension Fund Administrators and even lending organizations etc, who equally require supervision like banks,” he said.

He added that the committee is expected to look at Clause-1 (1) of the Bill, which seeks to compel employees of a bank to immediately declare their assets, including those of their spouses and unmarried children under the age of 18.

The Bill also amends the existing legislation by inserting a new Clause which attempts to ban bank employees from maintaining and operating personal bank accounts in any country outside Nigeria, he said.

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