Reps propose 20-year jail term, asset forfeiture for fraudulent bankers in Nigeria

House of Representatives yesterday passed through second reading a bill seeking to increase the jail term to 20 years for bank staff involved in fraudulent activities involving customers accounts and cybercrime.

Titled “A bill for an act to amend the bank employees etc.(declaration of assets) Acct. Cap. BI. Law of the Federation of Nigeria, 2004 and for related matters (HB. 1180) is sponsored by Francis Ejiroghene Waive (APC, Delta).

Leading debate on the bill, the sponsor said the essence of the bill was to have an updated data of bank staff, which should be updated at intervals.

He proposed a 20 year jail term for internet fraud perpetrators in the bank, particularly bank staff who carry out fraudulent activities on customers’ accounts losing to loss of money. Supporting the motion, Hon. Yusf Gagdi (APC, Plateau) said some bank’s staff take for granted the trust customers reposed in them.

Instead, they engage in insidious and criminal activities piffering accounts. On his contribution, Hon. Uzoma Nkem-Abonta (PDP, Abia), queried the practice whereby bank directors kill the industry by taking loans without collateral.

According to Abonta, this was also criminal and something needs to be done about.

The deputy minority leader, Hon. Toby Okechukwu (PDP, Enugu) said the problem of fraud involving customers accounts is an issue of trust and the fiduciary relationship between customers and the banks.

“I think there should be a vicarious liability. Customers deposit money in the banks on trust and if the banks cannot protect their deposits, then the bank should also be liable. I think the subsisting 10-year punishment is adequate”, he submitted.”

Do You Need More Trending Updates? Then kindly bookmark our blog Realgosipcenter.com.ng, we will update you with more latest musics in mp3 audio format and video in mp4 formats as soon as they drop for quick downloads.