Politics News

Reps mull stiffer sanctions for breach of Currency Conversion Freezing Order Act

The House of Representatives is considering a bill to impose stiffer penalty on violators of the Currency Conversion (Freezing Orders) Act Cap. C43 Laws of the Federation of Nigeria, 2004.

The bill sponsored by the Deputy Speaker, Idris Ahmed Wase, entitled “Currency Conversion (Freezing Orders) Amendment Bill 2020, seeks to give discretionary powers to the judge of a High Court to order forfeiture of assets of affected person and for related matters.

The bill, which has already scaled first reading has been slated for second reading, during which the general principles will be discussed immediately the House reconvenes from its two-week  break tomorrow..

The proposed legislation seeks to amend Section 9 (1) of the Principal Act by substitution for the phrase the President may in his discretion direct that in line 2, the phrase, the judge of a High Court may after hearing the parties direct that.

According to the Explanatory Memorandum of the bill, the proposed legislation seeks to amend the Currency Conversion (Freezing Orders) Act Cap. C43 Laws of the Federation of Nigeria, 2004 to give discretionary powers to the Judge of a High Court, to order forfeiture of assets of affected person.

Similarly,  the House, on resumption, is expected to commence debate on the general principles of a bill  seeking to amend  the Federal Character Commission (Establishment etc) Act Cap. F7 Laws of the Federation of Nigeria, 2004.

The proposed legislation,  which is also sponsored by Wase,  seeks  to give the commission more powers to enable it function  more effectively.

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