EFCC HAS POWER TO INVESTIGATE ASSETS DECLARATION OF BANK EMPLOYEES

                           By

        O. G. Chukkol, ACIArb (UK)

There are arguments everywhere from lawyers regarding the comments by the new EFCC Chairman, Abdulrasheed Bawa, giving bank employees in Nigeria till the 1st of June, 2021 to declare their assets in accordance with the Bank Employees, etc. (Declaration of Assets) Act, 1986.

Actually section 1 (2) of the above law mandates bank employees to declare their assets. And by section 3 (2) and 14 of the Act, such assets declaration forms are to be submitted to Secretary to the Federal Government or any person designated by him through an Instrument published in a Federal Government Gazette.

The SGF is empowered by section 6 of the Act to cause to be verified every Declaration of Assets Form and Annual Assets Declaration Form and may direct that a thorough investigation should be conducted into the assets and activities of the employee concerned including the assets and activities of his spouse, child, relative, parent, associate or privy.

The question now is whether EFCC has power to investigate assets declaration of bank employees. In other words, does it mean that is only SGF that is exclusively empowered to investigate assets declaration forms of bank employees?

Without going into long argument, it is my view that EFCC has power to investigate such cases.

By Section 7 (b), (c), (e), (j) (ii)(vi), (I), (m), and (n) of the EFCC Act, EFCC is the EFCC is empowered to investigate financial crimes. Crimes relating to Asset declaration are also financial crimes within the meaning assigned to them by section 46 of the EFCC Act.

For the avoidance of doubt, section 7 (1) of the Bank Employees Declaration of Assets Act provides that “It shall be an offence for an employee of a Bank to own assets in excess of his legitimate, known and provable income and assets”

Section 8(1) of the Act also criminalize knowingly failing to make full disclosure of the assets and liabilities; and knowingly making a declaration that is false, knowing same to be false in part or in whole.

Are the foregoing not financial crimes?

I read a publication of Loyal Nigeria 👉 https://loyalnigerianlawyer.com/efcc-has-no-jurisdiction-over-bank-employees-declaration-of-assets/I where Mr. Douglas Ogbankwa, Esq. beautifully argued that the Bank Employees Assets Declaration Act was enacted in 1986 when EFCC was not in existence therefore the Commission was not contemplated as an agency that can investigate bank employees who fail to declare assets. This is quite a logical and sound argument. However, I find myself unable to agree with him. In fact, by making reference to the fact that the Bank Employees Act is an old law made since 1986, the implication is that EFCC Act is superior being the latest in time.

In Allan v FRN (2017) LPELR-42310(CA), the court held that section 3 of the Territorial Waters Act, 1967 was inferior to the provisions of sections 6(n), 7(2), 13(2) and 42 of the E.F.C.C. Act because the EFCC Act was the latter in time and therefore the E.F.C.C. does not require the consent or fiat or certificate of the Attorney-General of the Federation to institute a charge against a foreigner, the Appellant.

By way of conclusion, it is submitted that the EFCC is empowered to enforce numerous laws including the Bank Employees Assets Declaration Act.

                        ✍
    O. G. Chukkol, ACIArb (UK)
             Final Year Student, 
               Faculty of Law,
                   ABU, Zaria
    [email protected]
               08032470318
           March 18, 2021