A bill, seeking to impose stiffer sanctions on the breach of the provisions of the currency conversion (freezing orders) Act Cap. C43 Laws of the Federation of Nigeria, 2004 Act has been gazetted for second reading in the House of Representatives.
The bill, which is sponsored by the deputy speaker, Hon. Idris Ahmed Wase, seeks to “give discretionary powers to the judge of a High Court, to order forfeiture of assets of affected person; and for related matters.
According to the bill, the proposed legislation seeks to amend section 9 (1) of the principal act by substituting 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”.
It also seeks to expunge section 9(2) of the principal act.
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.
Other bills sponsored by the Deputy Speaker that have been gazetted for second reading include: ‘Public Accounts Implementation Tribunal (Amendment) bill, Federal Commissions (Privileges & Immunities) amendment bill, Miscelleneous Offences Act (Repeal) bill, National Institute for Sports Act (Establishment) bill and Federal University of Agriculture, Wase (Establishment) bill.