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Senate moves to amend 35-yr old BEDA Act wants bankers, stock brokers, pension administrators to declare assets

The Senate on a Tuesday considered a bill seeking to amend the 35-year old Bank Employees Declaration of Assets (BEDA) Act 2010.

“The Bill For An Act To Amend The Bank Employees (Declaration of Assets) Act CAP B1 Laws of The Federation 2010 And For Other Related Matters 2022 (SB. 900)” was sponsored by Senator Sani Musa (Niger East).

Sponsor of the bill, in his lead debate, said the BEDA Act came into force 35 years ago on the 26th of September, 1986.
He, however, observed that with the creation of the Code of Conduct Bureau, which came into effect 13 years after the BEDA Act, the provisions in the latter have been overtaken by the 1999 Constitution as amended.
He recalled that on 16th March, 2021, the Economic and Financial Crimes Commission (EFCC) announced that all employees of financial institutions (including banks) in Nigeria must declare their assets before 1st June, 2021, in line with the provisions of the BEDA Act 1986.
Accordingly, Senator Musa stated that the bill when passed and signed into law, would make it mandatory for financial institutions, pension fund administrators, insurance firms and stock brokers and their employees to declare their assets.
According to him, it would also provide the required framework to monitor the financial activities of employees of banks and pension administrators to ensure that their lifestyle reflects their earnings.
He added that doing so would discourage the employees from engaging in corrupt practices.
“This bill seeks to extend the application of the Act to employees of other financial institutions which have emerged as key players in the Nigerian financial sector over the years, i.e. pension funds agencies, insurance firms, stock brokers”, Senator Musa said.
The lawmaker explained that the bill also seeks to unburden the office of the Secretary to the Government of the Federation of the responsibility of keeping records of declared assets by Nigeria Customs and bank workers, and transferring same to the regulator of each industry.
The bill after scaling second reading during plenary was referred by the Senate President, Ahmad Lawan, to the Committee on Banking, Insurance and other Financial Institutions.
The Committee was given four weeks to report back to the chamber.
In a related development, two bills seeking to establish the National Institute for Education Planning and Administration; and Federal College of Education Okobo, Akwa-Ibom State, have both passed second reading in the Senate.
The bills were sponsored by Senators Patrick Akinyelure (Ondo Central) and Akon Eyakenyi (Akwa-Ibom South), respectively.
The bills after consideration were referred by the Senate President to the Committee on Establishment and Public Service Matters; and Tertiary Institutions and TETFUND to report back in four weeks.
Senate begins move to amend 35-yr old BEDA Act
Senate begins move to amend 35-yr old BEDA Act nts bankers, stock brokers, pension administrators to declare assets
The Senate on a Tuesday considered a bill seeking to amend the 35-year old Bank Employees Declaration of Assets (BEDA) Act 2010.
“The Bill For An Act To Amend The Bank Employees (Declaration of Assets) Act CAP B1 Laws of The Federation 2010 And For Other Related Matters 2022 (SB. 900)” was sponsored by Senator Sani Musa (Niger East).
Sponsor of the bill, in his lead debate, said the BEDA Act came into force 35 years ago on the 26th of September, 1986.
He, however, observed that with the creation of the Code of Conduct Bureau, which came into effect 13 years after the BEDA Act, the provisions in the latter have been overtaken by the 1999 Constitution as amended.
He recalled that on 16th March, 2021, the Economic and Financial Crimes Commission (EFCC) announced that all employees of financial institutions (including banks) in Nigeria must declare their assets before 1st June, 2021, in line with the provisions of the BEDA Act 1986.
Accordingly, Senator Musa stated that the bill when passed and signed into law, would make it mandatory for financial institutions, pension fund administrators, insurance firms and stock brokers and their employees to declare their assets.
According to him, it would also provide the required framework to monitor the financial activities of employees of banks and pension administrators to ensure that their lifestyle reflects their earnings.
He added that doing so would discourage the employees from engaging in corrupt practices.
“This bill seeks to extend the application of the Act to employees of other financial institutions which have emerged as key players in the Nigerian financial sector over the years, i.e. pension funds agencies, insurance firms, stock brokers”, Senator Musa said.
The lawmaker explained that the bill also seeks to unburden the office of the Secretary to the Government of the Federation of the responsibility of keeping records of declared assets by Nigeria Customs and bank workers, and transferring same to the regulator of each industry.
The bill after scaling second reading during plenary was referred by the Senate President, Ahmad Lawan, to the Committee on Banking, Insurance and other Financial Institutions.
The Committee was given four weeks to report back to the chamber.
In a related development, two bills seeking to establish the National Institute for Education Planning and Administration; and Federal College of Education Okobo, Akwa-Ibom State, have both passed second reading in the Senate.
The bills were sponsored by Senators Patrick Akinyelure (Ondo Central) and Akon Eyakenyi (Akwa-Ibom South), respectively.
The bills after consideration were referred by the Senate President to the Committee on Establishment and Public Service Matters; and Tertiary Institutions and TETFUND to report back in four weeks.

News
Akpabio, Bello plot to assasinate me – Natasha gives shocking details

Senator representing Kogi Central Senatorial District, Natasha Akpoti-Uduaghan on Tuesday revealed how plot to recall and assassinate her was hatched on 12th March, 2025 in Abuja.

Narrating her ordeal when she paid Sallah visit to her Senatorial District in Kogi, the lawmaker who has been suspended for six months by the 10th Senate over alleged breach of Standing Rules of the Senate told the mammoth crowd that Senate President, Godswill Obot Akpabio got the former Governor of Kogi State, Yahaya Bello involved to perfect strategies to recall her from the Senate.

She said, the plan took place at Transcorp Hoteon the night of 12th March at about 10pm, where Bello was told to ensure that she was eliminated outside Abuja to avoid suspicion.
She explained:: “Mind you, on the 12th March, 2025 at about 10pm, Godswill Akpabio had called Governor Ododo to tell him that he should commence my recall, but Ododo told him, it will be impossible to do that.
“This is what Governor ododo said on the 12th. Listen. Ododo told him it is impossible because the masses are with her. But Akpabio wasn’t satisfied, he then sent for Yahaya Bello and it was Senator Asuquo from Cross River State that trailed Yahaya Bello from Transcorp Hilton.
“I was told of everything that happened.
They told Yahaya Bello to commence my recall that he was going to fund. Of course, money exchanged hands that night.
“The second thing they told him was that he should try and kill me. I didn’t make this public, but I wrote to the Inspector General of Police.
“Akpabio told Yahaya Bello that killing me doesn’t happen in Abuja. It should happen here (Kogi) so that it will look as if my people killed me here.
“I didn’t make that public, but we did notify security agencies.”
The lawmaker told her constituents that she ws removed as Committee Chairman on Local Contents angrily by the Senate President because of the Liquefied Natural Gas plants she influenced to Ajaokuta.
“Why they removed me as Chairman of Senate Committee on Local Content was because of Gas plants which I influenced. Akpabio called members of his cabinet and questioned them on why the resources found its way here.
“He said I am using Niger Delta resources to promote the North and said he will stop it.
“I will prove to you what he did. After the Senate President removed me, of course it is because of five NLNG projects. He said ever since he made me Chairman of Local Contents, I have used that office to promote the north.”

News
South East: Ebonyi Governor orders arrest of 6 Commissioners, LG Chairman over conract breach

Six Commissioners and a Local Government Council Chairman have been arrested on the order of the Governor of Ebonyi State, Mr Francis Nwifuru over alleged breach of contracts.

The Chairman Afikpo Local Government Area, Mr. Timothy Nwachi, was suspended from office with immediate effect.

Reports said, the Commissioners were accused of contractual breach in the ongoing construction of 140 housing units for the Izzo and Amaze communities, which were displaced by the Ezilo/Ezza Ezilo communal crisis in Ishielu Local Government Area.
The names of embattled Commissioners are: Professor Omari Omaka (Tertiary Education), Victor Chukwu (Environment), Ifeanyi Ogbuewu (Culture and Tourism), Uchenna Igwe (Local Government and Chieftaincy Matters), Moses Ekuma (Health), and Felix Igboke (Project Monitoring).
They were first declared wanted following their disappearance from the State Executive Committee meeting when the matter became known in the media, and the Ebonyi State immediately launched manhunt before they were eventually arrested.
Commenting on the development, Ilang Donatus, Chairman of the State Executive Council Committee on the Izzo and Amaze Housing Project, stated that the action was taken due to the officials’ and contractors’ failure to adhere to contract terms.
Donatus noted that the officials are delaying the housing project, which Governor Nwifuru had planned to commission in celebration of his second anniversary in office.
Donatus emphasised the governor’s frustration over the slow pace of construction, noting that the housing initiative was designed to provide relief to victims of communal crises.
He was quoted as saying, “The governor is not happy over the pace of the work, which ought to have been completed. The government has decided to clamp down on the contractors and commissioners who were mandated to supervise those projects.
“As you can see, our governor is a man with a passionate heart, he likes giving succour, hence the building of those houses for the victims of the communal crisis. He is not happy that the project is delayed and has ordered to arrest of all the commissioners who are supposed to ensure the speedy completion of the housing units.
Adding to the concerns, Mrs. Maria Okohu, Special Assistant to the Governor on Women Mobilization (Ebonyi Central) and a member of the Executive Council Committee, described the situation as an act of sabotage.
She stressed that failure to complete the housing project on schedule undermines the governor’s development agenda for the state.
In response, the state government has vowed to continue its crackdown, warning that further arrests will be made until all implicated commissioners and contractors are held accountable.
Reports also suggest that the Nigerian police have issued invitations to several officials who were not present during the committee’s enforcement visits.
Upon inquiry, Ebonyi State Police Public Relations Officer, SP Joshua Ukandu, stated that he had no knowledge of the arrest or detention of the accused commissioners and the suspended council chairman.
When questioned about whether the Command had invited the officials following the governor’s directive, the police spokesperson responded, “We don’t have any commissioner in our custody. I’m not aware of any invitation and I have asked and I was told we don’t have any commissioner in custody. I will still ask about the invitation but for now, I don’t know anything of such.”

News
Ododo’s aide escapes assassination by whiskers, allege APC youth leader, Mohammed behind attempt

Gov. Usman Ahmed Ododo’s Aide, Hon. Godfrey Adekoye, Senior Special Assistant on Youths Empowerment on Tuesday escaped an assassination attempt on his life by whiskers.

The aide of the Governor said the attack on his life happened at Lounge 1, a popular hospitality joint in Lokoja, added that the attackers followed him down to his house, unfortunately they met his absence.

In a statement he made available to CAPITAL POST in Lokoja, the aide to the Governor accused the Kogi State APC Youth Leader, Hon. Mohammed U Mohammed and one Abubakar Nasara Ola as behind his attack.
He said during the attack on him, Abubakar threatened to kill him, pointed a gun at him before the intervention of onlookers who saved him by chance.
The attackers destroyed and broke the windscreen of his vehicle, that is now parked in the custody of the Quick Response Squad.
Speaking on the attack, Hon. Godfrey said he has since reported the matter to the Quick Response Squad, an arm of the Nigerian Police, in Lokoja, said his life is in danger.
When contacted, the Police Public Relations Officer, SP Williams Ayah, said he was making efforts to confirm the attack on the aide, could not be reached as at time of going to press.

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