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There is a possibility that, in the near future, current employees of insurance companies and other financial institutions in Nigeria will be required to declare their assets, and that future employees will be required to do the same before they can be hired by any insurance company. This follows the introduction of a bill in the Senate during plenary last Tuesday.
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The bill is titled an Act to amend the Bank Employees (Declaration of Assets) Act CAP B1 Laws of the Federation 2010 and for other related matters 2022, and it is now in committee after passing the second reading in the Senate (SB. 900). Senator Sani Musa (Niger East) introduced the bill, which seeks to amend the provisions of the existing Bank Employees (Declaration of Assets) Act to require that all employees in the Nigerian financial sector declare their assets. This move to amend the bill may be attributed to the reactions that followed the Economic and Financial Crimes Commission’s (EFCC) announcement on March 16, 2021, that all employees of Nigerian financial institutions must declare their assets on or before June 1, 2021. The Association of Senior Staff for Banks, Insurance, and Other Financial Institutions (ASSBIFI) and the National Union of Banks, Insurance, and Financial Institutions Employees (NUBIFI) led the debates and opposition to the EFCC’s directive (NUBIFE). The main issues raised by those who opposed the EFCC’s directive were determining the true position of the law in terms of which of the sub-sectors and the category of
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As a result, senator Shehu Sani believes that the bill, if passed, will provide the necessary legal structure for the administration of asset declarations of employees of various financial institutions, insurance firms, pension fund administrators, and stockbrokers. According to him, the bill will ensure that the assets declaration of employees is overseen and regulated by the legally recognized regulatory body or agency within each of the various sub-sectors. When the bill becomes law, the Nigerian Insurance Commission, which is the primary regulatory body for the conduct of insurance business in Nigeria, will exercise this regulatory function in the case of insurance firm employees. The Bank Employees, etc. (Declaration of Assets) Act (BEDA Act) became law on September 26, 1986. It requires all financial sector owners, employees, full-time and part-time workers, the Nigeria Customs Service, and the Central Bank of Nigeria to declare their assets to the government upon hiring. The bill also requires these individuals to keep their asset declaration records up to date throughout their employment and for up to two years after they leave active employment. Featured Image Source: Current School News
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This article was first published on 24th February 2022


Ifegwu-Mbonu Victor is a Personal Growth and Leadership Trainer who provides training and coaching to individuals and organizations.

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