Fraud: Reps propose 20-year jail, assets forfeiture for bank staff

The House of Representatives has passed for second reading, a bill that proposes 20 years jail term and forfeiture of assets for bank staff involved in financial fraud. The proposed bill titled, “An Act to Amend the Bank Employee ETC (Declaration of Assets) Act Cap B1 LFN 2011 and for Related Matters 2020’, sponsored by […]

The House of Representatives has passed for second reading, a bill that proposes 20 years jail term and forfeiture of assets for bank staff involved in financial fraud.

The proposed bill titled, “An Act to Amend the Bank Employee ETC (Declaration of Assets) Act Cap B1 LFN 2011 and for Related Matters 2020’, sponsored by Francis Ejiroghene Waive passed second reading on Wednesday.

It seeks to allow for the forfeiture of the excess assets of the bank staff or its equivalent in monetary terms to the federal government, upon conviction.

Waive said the amendment is meant to ensure that banks have up to date data on their staff so that infractions could be easily traced to the staff involved.

He also said the punishment for bank staff involved in fraudulent activities in customers’ accounts, will be increased from 10 to 20 years imprisonment.

Supporting the bill, Yusuf Gagdi, said bank transactions between bank officials and customers are based on trust, adding that some bank officials however take that trust for granted.

The lawmaker said: “So, Mr Speaker, I think we should not even be interested in the 20 years. In my opinion, it should be more.”

Nkem Abonta (PDP, Abia) said the bill will ensure confidence in the banking sector. He said, there is a need to strengthen the banking industry especially with the fraud going on.