Senate Lawmakers want public officials to have foreign accounts

The bill was sponsored by Senator Solomon Olamilekan, who represents the Lagos West Senatorial District.

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Solomon Olamilekan

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The Nigerian Senate is currently considering a bill which seeks to change a constitutional provision that prevents public officers from owning or operating foreign bank accounts.

The bill was sponsored by Senator Solomon Olamilekan, who represents the Lagos West Senatorial District.

The bill is titled “An Act to Alter The Constitution of the Federal Republic of Nigeria, 1999 To Permit Public Officers to Maintain or Operate a Bank Account In Any Country Outside Nigeria; And For Related  Matters.”

Olamilekan explained the reason for the bill in a memorandum attached to it.

“This bill seeks to alter the Constitution of the Federal Republic of Nigeria, 1999, in order to delete the provision in the Code of Conduct for public officers which forbids them from operating a bank account in a bank outside Nigeria,” he said.

“This is owing to the fact that the prohibition does no accord with the current realities where the world has become a global village, where illicit funds could easily be tracked," he added.

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If passed, the bill would specifically change Part 1 of the Fifth Schedule of the Constitution on the Code of Conduct of Public Officers by deleting paragraph 3.

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