Recently, the Central Bank of Nigeria (CBN) revealed that more than 167, 507 dud cheques valued at N166 billion were processed by Deposit Money Banks (DMBs) in the country last year. Consequently, the apex bank has said it will start prosecuting the issuers of financial instruments fraudulently drawn on unfunded accounts. It is astonishing that the banks recorded such a staggering number of
“bounced” cheques within one year, specifically between January and December 2012. This happened despite extant laws that prohibit issuance of dud cheques.
As the CBN has directed, banks should forward the details of erring customers to the Economic and Financial Crimes Commission (EFCC), as this infraction falls within its purview. The banks should not have allowed the dud cheques profile to rise to the level it is now before nipping the problem in the bud.
The police and the EFCC must enforce the laws relating to this crime. Obviously, the problem is not a lack of laws but nonchalance on the part of financial institutions and law enforcement agencies to bring the culprits to book. The lackadaisical approach to this issue is responsible for proliferation of these cheques in the banking system…
More @ http://sunnewsonline.com/new/editorial/tackling-the-dud cheques-menace/