Section 9: Offences relating to fronting.

(1) Any person who-
(a) acts as a front for an employee of a Bank or does or omits to do anything or acts in a manner likely to defeat the objects of this Act; or
(b)
unlawfully acquires, disposes, operates, owns or retains any assets for or on behalf of any employee of a Bank,commits an offence under this Act and shall be liable on conviction to imprisonment for seven years.
(2) In addition to the imprisonment prescribed in subsection (1) of this section, the assets in question shall be forfeited to the Federal Government.
(3) For the purposes of this section, a person acts as a front if-
(a) he accepts a gift, donation, or bequest from an employee of a Bank on the understanding or in circumstances in which it could be inferred that such a gift, donation or bequest was intended to be held on behalf of, or in trust for or the use of the employee, his spouse, children, parents, relatives, associates or privies; or
(b) he knowingly enters into a fraudulent, fictitious or artificial transaction with the employee.