The Economic and Financial Crimes Commission, EFCC, has demanded all bankers and operators in Nigeria’s financial system to declare their assets latest June 1.

Abdulrashed Bawa, EFCC chairman on Tuesday told reporters at the Presidential Villa that the move is part of measures to sanitise the nation’s financial system and block loopholes exploited by unscrupulous players to undermine the Nigerian economy through money laundering and illicit financial flows.

Mr. Bawa noted that the directive is pursuant to the Bank Employees, ETC. (Declaration of Assets) Act 1986, saying the Act makes it mandatory for every employee of a bank to make full disclosure of assets upon employment, and annually in subsequent years.

Section 7  (1) of the Act says; “It shall be an offence for an employee of a bank to own assets in excess of his legitimate known and provable income”.

Section 7(2) includes imprisonment for a term of ten years; “Any employee guilty of an offence under subsection (1) of this Section shall on conviction be liable to imprisonment for ten years and shall, in addition, forfeit the excess assets or its equivalent in money to the Federal Government”.

Mr. Bawa, however, appealed to parents to take a special interest in the activities of their children, urging youths to learn the best ways to achieve success other than following the shortcut