The House of Representatives is considering barring staff members of banks and other financial institutions from operating accounts outside the shores of Nigeria.

The House of Representatives is considering barring staff members of banks and other financial institutions from operating accounts outside the shores of Nigeria.

Their spouses and children may also be mandated to declare their assets when a bill presently at the House becomes law.

This was contained in the ‘Bank Employees, Etc., (Declaration of Assets)(Amendment) Bill 2021’, which is awaiting second reading.

The legislation was titled ‘A Bill for an Act to amend the bank employees, etc., (Declaration of Assets) Act CAP. B1 Laws of the federation of Nigeria 2004 to reflect the prevailing situation in the country’.

The bill, sponsored by the lawmaker representing Iseyin/Itesiwaju/Kajola/Iwajowa Federal constituency in Oyo State, Mr Shina Peller, proposed a series of amendments to the Act with Section 1 of the Act to be amended by deleting the existing subsections and inserting new ones.

The bill is also seeking amendment to Section 5 by inserting new subsections that prohibits foreign accounts for bank workers.

Power sector experts on Monday expressed worry over the decline in power generation despite interventions by the Central Bank of Nigeria in the sector.

Figures released by the System Operator, an arm of the Transmission Company of Nigeria, showed that the country’s power generation stood at 3,689.2 megawatts on Monday.

Although it moved up by 111.9MW when compared to the preceding day’s generation figure, experts wondered why the performance of the sector had not adequately reflected the financial interventions made in the sector by the Federal Government.

The Vice President, Prof. Yemi Osinbajo, had said the Federal Government had through the CBN pumped about N1.5tn in intervention funds into the power sector in the last two years.