Fraud: Reps propose 20-year jail term, asset forfeiture for indicted bank staff

The House of Representatives has passed for second reading, a bill that proposes a 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.

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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.

In his lead debate on the bill, the lawmaker said Nigeria is currently battling with internet and banking fraud which the bill seeks to address and punish fraud perpetrated by bank employees more severely to serve as a deterrent.

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 in imprisonment.