Employees of banks that fail to declare their assets annually could get 20 years imprisonment if convicted by a court.

On Tuesday, the House of Representatives passed for second reading, a bill to amend the bank employee act, by increasing the jail time for not declaring assets annually or failing to declare properly.

The existing act provides a 10-year jail term for breaching that law. However, according to the bill sponsored by Francis Waive from Delta State, the bill seeks to increase the jail time.

In addition, the bill proposes that bankers must keep records of all staff, including those that have left the bank for one year.

While leading the debate, Waive said the bill intends to help reform the banking sector. He stated that it will curb frauds perpetrated by bankers.
He said “Most of the online frauds carried out are perpetuated with bank staff as collaborators. And in some cases involving staff who are no longer in the employment of the bank.”

Uzoma Abonta from Abia State, while speaking on the bill, said owners and other senior management of banks should be included as staff. He explained that senior employees should be covered by the bill.

Opposition to the provision of the bill, Rob Tyough bemoaned the 20 years jail time and the annual declaration of assets. He said even public office holders who declare once in four years find it hard.

The bill was passed unanimously when it was put to vote.

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