• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News Politics
Reps proposes bill to jail fraudulent bankers for 20 years

Rep Francis Ejiroghene Waive representing Ughelli North, Ughelli South, and Udu federal constituency, Delta State

Reps proposes bill to jail fraudulent bankers for 20 years

Seeks amendment of section 5 and 7 of the Bank Employee declaration of assets Act 2004.

Justina MbohobyJustina Mboho
2 years ago
in Politics
Share on FacebookShare on TwitterShare on Linkedin

A bill seeking to raise the punishment for insider fraud by bank employees to a 20-year jail term has passed the second reading.

The bill sponsored by Francis Ejiroghene Waive representing Ughelli North, Ughelli South, and Udu federal constituency, Delta State, seeks to amend section 5 and 7 of the Bank Employee declaration of assets Act 2004.

The amendment is aimed at ensuring that banks in Nigeria have updated data on their staff so that fraudulent activities on a customer’s account could be easily traced to the exact staff involved.

The bill

The bill is titled “An Act to Amend the Bank Employee ETC (Declaration of Assets) Act Cap B1 LFN 2011 and for Related Matters 2020″

The bill seeks to increase the jail term for bank employees involved in fraudulent activities on customers’ accounts from 10 years imprisonment to 20 years in jail.

Rep. Waive told the House during Wednesday’s plenary that the amendment is important in order to curtail the rising fraudulent activities by bank employees and to serve as a deterrent from such Acts.

“It is no longer news that computer fraud, which includes hacking of people’s accounts, forms part of the majority of the fraud perpetrated in our country in recent times and has consistently been on the rise.

“It is also true that most of the online fraud carried out is perpetuated with bank staff as collaborators, and in some cases involving staff who is no longer in the employment of the bank,” Mr Waive said.

“There are currently a lot of reported cases of fraudulent activities by bank employees which include fraudulent transfers/withdrawals, cash suppression, unauthorised credits and fraudulent conversion of cheques, diversion of customer deposits, diversion of bank charges, burglary and presentation of forged or stolen cheques.

“Research shows that some bank staff, aside from documentary fraud, sometimes stage-manage robbery or connive with outsiders to perpetrate such act.

“On further research, it has also been revealed in police investigations on the activities of corrupt bank staff that the fraudsters scout for obituaries of well-to-do members of the public, use bank employees to determine the deceased’s account balance, clone their SIM cards for online transfer and all sorts,” he added.

What you should know

  • Section 7 (1) of the Act that the bill seeks to amend states that “it shall be an offence for an employee of a bank to own assets in excess of his legitimate, known and provable income and assets”
  • Section 7 (2) states that a bank employee found guilty of the offense in (1) shall on conviction be liable to imprisonment for ten years and shall, in addition, forfeit the excess assets or its equivalent in money to the federal government”.

Download Nairametrics App for breaking news and market intelligence.
   
Tags: BankersHouse of Reps
Justina Mboho

Justina Mboho

For further inquiries about this article, contact: Email: justina.mboho@nairametrics.com Twitter: bb_ladyj LinkedIn: Justina Mboho

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *







NM newsletters
Kwakol
Abbey
IMT

Zenth Bank
UBA
Mega Millions

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Eriscofoods could face legal action for customer arrest- FCCPC
  • Study indicates Cloud computing adoption can yield N30.2 trillion for Nigeria
  • UNICEF alerts Nigeria on unprecedented diphtheria outbreak, calls for massive vaccination

Follow us on social media:

Recent News

FCCPC, Chioma Egodi, Eriscofoods

Eriscofoods could face legal action for customer arrest- FCCPC

September 27, 2023
Study indicates Cloud computing adoption can yield N30.2 trillion for Nigeria

Study indicates Cloud computing adoption can yield N30.2 trillion for Nigeria

September 27, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Contact Us
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In