The Bank Employees, etc. (Declaration of Assets) Act, 1986

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Bank Employees Etc. (Declaration of Assets) 1986

Click to download: The Bank Employees, etc. (Declaration of Assets) Act, 1986

As far back as 1986, Nigeria made a federal law to mandating all owners, employees, full time workers and part-time workers in the financial sector, the Nigeria Customs Service and the Central Bank of Nigeria to declare their assets to government, upon employment, during employment and even two (2) years after employment.

The Bank Employees, etc. (Declaration of Assets) Act, (BEDA Act) came into force on 26 day of September 1986. This date falls into the military administration of General Ibrahim Babangida (Military Ruler of Nigeria between 1985 and 1993). The essence of the law as can be inferred from the long list of the law and its general provisions is for the declaration of assets by employees of banks operating in Nigeria, the Central Bank of Nigeria, the Nigeria Customs Service and any other category persons that the President orders that the law extends to. Among other things, it criminalizes failure to unjust enrichment, false declaration of assets, refusal to declare assets and allows the investigation of assets of family members, friends and associates of persons required to declare their assets.

Click to download: The Bank Employees, etc. (Declaration of Assets) Act, 1986

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