The Nigerian Senate has adduced reasons why the National
Assembly (NASS) considered and passed the Electronic Transactions Bill within
the 8th Senate, reports ITRealms.
The National Assembly is made up of the Senate and Federal
House of Representatives, with Senate President as the chairman of the NASS.
The current status of the Electronic Transactions Bill, ITRealms gathered is that the Senate at
its plenary session of Thursday, May 18th 2017 passed the Electronic
Transaction Bill.
In his foreword to
the 8th Senate Report entitled “Reviving The Economy, Creating Opportunities
For Nigerians” made available to ITRealms,
Senate President, Abubakar Bukola Saraki said there is need to validate
e-commerce transactions as fraudulent activities online, commercial disputes
arising from sale and delivery; and other undesirable outcomes are on the rise.
He also said in the 44-page report that an estimated 60 per
cent of micro and small businesses advertise and sell their wares online, either
through their own sites or using social media.
“This has also opened up a floodgate of fraudulent activity
online, commercial disputes arising from sale and delivery; and other
undesirable outcomes,” he said.
Also, he said, large businesses have also taken advantage of
the ease offered by technology to conduct and transact their official
businesses online.
“Contracts and agreements are being concluded without
parties being physically present. But conversely, extant laws provide
inadequate protection for e-commerce businesses and consumers,” he declared.
He pointed out that the Electronic Transactions Bill seeks
to provide a legal and regulatory framework for conducting transactions using
electronic or related media, the protection of the rights of consumers, parties
and their personal data as well as the facilitation of electronic commerce in
Nigeria.
ITRealms equally
reported that the Bill tend to give validity to “online contracts, electronic signature
and records, admissibility of electronic evidence, and security of parties to
an online transaction.”
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