MOVES by the Senate to relieve the office of the Secretary to the Government of the Federation of the responsibility of keeping records of declared assets by Nigeria Customs Service, bank workers, and transferring same to the relevant regulator of each industry got a boost on Tuesday.
The Bill for an Act to Amend the Bank Employees Etc. ( Declaration of Assets) Act Cap B1 Laws of the Federation of Nigeria 2004 and for related Matters, 2022( SB.900) is sponsored by Senator Sani Musa, All Progressives Congress, APC, Niger East.
The bill which scaled second reading was referred by the President of the Senate, Senator Ahmad Lawan to the Senator Uba Sani, APC, Kaduna Central led Committee on Banking, Insurance and other Financial Institutions to report back at plenary within four weeks.
READ ALSO: Senate begins move to amend 35-yr old BEDA Act
In his lead debate on the general principles of the bill, the sponsor, Senator Musa explained that the amendment will help cure the inconsistency and conflict with the 1999 Constitution as amended, which requires that all public servants including employees of the Nigeria Customs Service, must declare their assets to the Code of Conduct Bureau.
According to him, the amendment became very imperative because it also amount to a duplication of duty, if employees of the Nigerian Customs Service still declare their assets to the Secretary to the Government of the Federation as prescribed by the principal Act. The bill addresses this anomaly by removing the employees of the customs service from employees, which the Act applies to.
Senator Musa said, “this Bill was read for the first time on the floor of this hallowed Chambers on Wednesday, 26 January, 2022.
“This Bill seeks to amend the Bank Employees, etc. (Declaration of Assets) Act, Laws of the Federation 2010, and hence bring it in conformity with the 1999 Constitution of the Federal Republic as amended, as well as resolving certain anomalies brought about by present day realities and best practices in our financial system.
“It will provide the necessary legal framework regarding assets declaration of employees in the financial institutions, pension fund administrators, stock brokers and insurance firms and ensure that their employees’ assets declaration are regulated by the relevant and statutory regulator of the specific sector”, he said
