Lagos — The Presidency will next week present to the National Assembly, a Bill seeking to curb financial crimes involving the use of information and communication technology.

Co-ordinator of the National Cyber Crime Working Group, Mr Basil Udotai, disclosed this at the Forum of Insurance Industry's Chief Executives of Nigeria (FIICEN), a quarterly interactive session between the National Insurance Commission (NAIC-OM), and the insurance industry's leadership in Lagos, yesterday.

He said the most lucrative aspect of insurance yet untapped by the country, remains cyber insurance, expressing regrets that there is no law prescribing adequate punishment for cyber criminals.

Fielding questions on when the country would put in place necessary legislations to check financial crimes on the internet, Udotai said President Olusegun Obasanjo would next week present a bill to that effect.

He said the initial job turned in by his group has been reviewed by experts within and outside the country, before the final document is packaged.

"The Bill, incidentally is going to the National Assembly through the President next week. It took a lot of fine-tuning, the initial draft was approved by the Federal Executive Council almost eight months ago.

"We sent it to several people within and outside the country for review, and it has changed dramatically from what it was initially, when it was just our own vision of a draft.

"Our international and local brothers and experts have really assisted in contributing to the strength of the law," Udotai said.

On when the law would be in place, Udotai said "before the end of this year, Nigeria would be having a law to check financial crimes on the internet."

He said, "we are hoping that this is one law that would be passed expeditiously. We actually have only this year to complete everything we have to do. So a direct answer is at least by the end of the year, we should have the law..".

The Co-ordinator added that this "law would address online illegalities across the board".