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Panic as CBN orders bankers to declare assets

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Nigerian economists say economy heading for recession

There is palpable fear among bank workers in the country as the Central bank of Nigeria (CBN) has directed that they all declare their assets.

The move which affects the 19 deposit money banks in the country is seen by many as an extension of the anti-corruption fight to the private sector.

It is estimated that most corruption case involving public officials are perpetrated using the banks, with active connivance of the bank officials.

Read also: Missing N100m FAAN funds – EFCC collects top staff’s bank details

The CBN directive is contained in a letter by its Banking Supervision Department to all commercial banks in the country, and gave bank officials only one week to comply and complete the assets declaration process.

Reports indicate that staff members of Ecobank Nigeria, First City Monument Bank Limited and Fidelity Bank Plc have complied with the directive, with the fate of those who miss the deadline still unknown.

The bank workers were reportedly asked to reveal all assets, including developed and undeveloped parcels of land, properties, houses in Nigeria and outside Nigeria, as well as power generators.

The fear in the industry stems from the fact that a good number of officials own assets well beyond their means, as they do not know how to account for same if the anti-graft bodies call on them.

 

 

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