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Bank CEOs, Others Jittery Over EFCC Asset Declaration Directive

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Bawa Buhari

By Dipo Olowookere

Some executives of financial institutions, including the Deposit Money Banks (DMBs) in Nigeria, are jittery over a new directive of the nation’s chief anti-money laundering agency.

On March 16, 2021, the newly appointed chairman of the Economic and Financial Crimes Commission (EFCC), Mr Abdulrashed Bawa, said employees of financial institutions in the country, including their CEOs, have till June 1, 2021, to declare their assets.

Mr Bawa said this when he addressed newsmen after a meeting with President Muhammadu Buhari at the Presidential Villa in Abuja.

The EFCC boss said the failure of any banker in the country to declare his/her assets by the deadline will result in imprisonment for a term of 10 years as stipulated by the law.

The directive has legal backing

He told journalists that the Bank Employees, ETC. (Declaration of Assets) Act 1986 mandates every employee of a bank to make full disclosure of assets upon employment, and annually in subsequent years.

According to him, section 7 (1) of the law stipulates that, “It shall be an offence for an employee of a bank to own assets in excess of his legitimate known and provable income.”

He added that section 7(2) emphasised that, “Any employee guilty of an offence under subsection (1) of this section shall on conviction be liable to imprisonment for 10 years and shall, in addition, forfeit the excess assets or its equivalent in money to the federal government.”

Reason for the order

Mr Bawa said his agency is triggering these provisions to sanitize the nation’s financial system and block some of the loopholes currently being exploited by unscrupulous players in the sector to undermine Nigerian economy through money laundering and illicit financial flows.

He said the EFCC was determined to tackle money laundering in the country and bring sanity into the financial system.

Bank executives already jittery

But since this information was revealed yesterday, some bank executives have been nervous and sources close to some of them informed Business Post that efforts are being made to lobby powerbrokers in the country to push the deadline forward.

“I can tell you that this statement by the EFCC chairman is not going down well with a lot of bank executives.

“I can also tell you for a fact that some of them are making efforts to clean up their tracks and possibly talk to those in power to extend the June 1 deadline.

“To them, the timeframe is too short and they believe it should be moved forward except the EFCC chair wants to use this as a vendetta,” one of the sources told this newspaper.

Another said, “I am not surprised this is coming from the EFCC chairman. He is vast in financial crimes and forensic. He has handled cases of high-profile Nigerians and he knows how senior bankers help politicians to launder money.

“A few of us saw this coming and we expect more from him because he knows the game very well. He has already thrown many top executives of banks into confusion with this directive. I think it is good for the financial sector.”

Buhari supports directive

But it is not certain how these CEOs and executives would go about it as the President fully supports the EFCC chairman on this directive.

Mr Bawa, according to information gathered, was in Abuja yesterday to discuss this issue with him and by informing State House Correspondents of the development shows that he has the full banking of Mr Buhari.

President Buhari has not hidden his desire to clean up the country of corruption. In fact, it is one of the key targets of his administration and he has been fighting corruption vigorously since he assumed office in 2019.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Access Bank Commits to Keeping Wigwe’s Vision on Death Anniversary

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Profile of Herbert Wigwe

By Adedapo Adesanya

Nigerian financial services institution, Access Bank Plc, has pledged to carry on the value and visions of its late chief executive, Mr Herbert Wigwe, who died one year ago in a helicopter crash in the United States.

Mr Wigwe, his wife Doreen, and son, Chizi alongside Mr Abimbola Ogunbanjo, the former group chairman of Nigerian Exchange (NGX) Group Plc also died in the crash in 2024.

The chopper, a Eurocopter EC 130, crashed near Nipton on February 9, 2024, on the edge of the Mojave Desert Preserve, when heading to Las Vegas where the victims were going to watch the Super Bowl.

The ill-fated helicopter left Access Bank without its visionary leader and the Herbert Wigwe family without their parents and brother and the Ogunbanjo’s without their patriarch.

In a post on X, formerly Twitter, the institution said, “Today marks one year since the world stood still for us. On this day, we lost Herbert, Doreen, and Chizi—three remarkable souls who left an indelible mark on our lives and our hearts.

“One year later, we still feel the void, but we also feel the weight of their legacy—one that challenges us to be better, do better, and strive for greatness.

“As we reflect, we carry forward the values they instilled and honor their memories by walking the path they paved for us.”

Access Corporation is headquartered in Lagos, Nigeria and operates through a network of more than 600 branches and service outlets, spanning three continents, 18 countries, and 50+ million customers managed by over 28,000 employees. Access Bank, the corporation’s banking business, is one of Africa’s largest retail banks by customer base and total assets.

For eight years until May 2022, Mr Wigwe led Access Bank Plc as its chief executive through an extraordinary growth period. Some of the accolades accorded him included Banker of the Year, 2020 by Leadership Awards; African Banker of the Year, 2021 by African Banker Award; and Best Banking CEO, 2021 by Global Brands Magazine Awards.

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Advans Nigeria Appoints Odetayo as Deputy Chief Executive Officer

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Elizabeth Odetayo

By Modupe Gbadeyanka

To improve operational efficiency, Advans La Fayette Microfinance Bank has appointed Mrs Elizabeth Odetayo as the new Deputy Chief Executive Officer.

She will work closely with the Chief Executive Officer, Mr Gaetan Debuchy, and the executive team to drive the bank’s strategic initiatives, optimize operational performance, and expand its reach to empower more individuals and businesses with access to tailored financial solutions.

Before her new appointment, she served as the Chief Financial Officer (CFO) of Advans La Fayette Microfinance, where she played a pivotal role in shaping the bank’s financial strategy, ensuring robust fiscal management, and supporting its mission to provide inclusive financial services to underserved communities.

A statement from the financial institution disclosed that the appointment of Mrs Odetayo became effective Saturday, February 1, 2025.

She is expected to bring her over 20 years of wealth of experience and a proven track record of excellence in the financial services sector to her new role.

“This strategic appointment underscores the bank’s commitment to fostering leadership from within and strengthening its executive team to drive continued growth and innovation,” a part of the statement read.

Mrs Odetayo has demonstrated exceptional leadership, strategic vision, and a deep understanding of the microfinance industry.

Her expertise in financial management, risk assessment, and operational efficiency has been instrumental in advancing the bank’s objectives and enhancing its impact on clients and stakeholders.

Commenting on the appointment, Mr Debuchy said, “Elizabeth’s appointment as Deputy CEO is a testament to her dedication, expertise, and outstanding contributions to our bank.

“Her deep understanding of our operations and her commitment to our mission position her to help steer the bank toward achieving its strategic goals.

“We are confident that her leadership will further strengthen our ability to deliver impactful financial services to our clients.”

In her reaction, Mrs Odetayo said, “I am honored to take on this new responsibility and to continue contributing to the growth and success of the bank.

“I look forward to collaborating with our talented team to drive innovation, enhance customer experience, and expand our reach to create lasting value for the communities we serve.”

Advans La Fayette Microfinance remains committed to its mission of fostering financial inclusion and empowering individuals and businesses through accessible and sustainable financial solutions.

The appointment of Mrs Odetayo as DCEO marks an exciting new chapter in the bank’s journey toward achieving its vision.

Her promotion and over 130 staff in 2024 is a demonstration of the bank’s commitment to empowering its employees, fostering a culture of excellence, and driving productivity against all odds. By investing in internal talent, Advans continues to build a strong, motivated workforce that is equipped to deliver on its mission and vision.

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NIBSS Upgrades NQR Payment to Reduce Cash Dependency

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NQR payment

By Adedapo Adesanya

The Nigeria Inter-Bank Settlement System (NIBSS) has unveiled significant upgrades to its Nigeria Quick Response (NQR) payment system.

The mechanism is designed to reduce cash dependency and streamline and enhance digital transactions for businesses and individuals across Nigeria.

The NQR payment system, launched in March 2021, is part of Nigeria’s broader push to promote cashless transactions across the country.

The system allows customers to make payments by scanning a QR code, which redirects them to their bank or mobile wallet to complete the payment. It is also timely and avoids delays.

Speaking on the development, Mr Premier Oiwoh, MD/CEO of NIBSS, emphasized the evolving capabilities of NQR and how it is poised to revolutionize payments, transactions are processed instantly, ensuring immediate settlement.

“This account is the only QR in the world that is instant for the beneficiary,” he said.

He noted that the system is also far more robust, offering smoother and more secure transactions. It now supports both Person-to-Person (P2P) and Entity-to-Person (E2P) payments, significantly expanding its use cases.

“Beyond the P2P, there is also E2P on the MQR, and most of the bank apps have it today.

“My dream is to have hawkers on the streets being able to present their QR in the form of an ID card and then make payment. Cash cannot be everywhere, what we are all looking for is payment” he said.

“You can also send your personal QR code to anybody to pay you rather than send an account number,” he said

Mr Oiwoh announced that a new pricing structure for NQR payment will take effect on March 1, 2021.

The use of QR codes is expected to significantly reduce Nigerians heavy reliance on cash, thereby contributing to the digital economy infrastructure and financial inclusion agenda of the Central Bank of Nigeria (CBN).

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