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Senate to Review Nigeria’s Financial Services Sector Laws for Economic Sustainability

The Senate, through its Committee on Banking, Insurance and other Financial Institutions, has disclosed its plan to comprehensively review extant laws in the financial services sector for economic sustainability and growth.

This was disclosed at a 2-day sensitisation retreat organised for the members of the Senate Committee on Banking, Insurance and other Financial Institutions in Abuja, recently.

The Chairman of the committee, Mukhail Adetokunbo Abiru, (Lagos East), said the retreat was aimed at equipping the members with the necessary understanding of the core mandates of the committee and also enhance the legislative framework and oversight of the financial sector.

Industry leaders and top experts in the financial and allied sectors were invited to share insights and knowledge, and also provide information that will make their oversight function on the financial services sector more robust and impactful.

On the imperative of the retreat, Senator Abiru in his remarks noted that, “The financial sector is the lifeblood of any economy, and it is our responsibility to ensure that it functions effectively, efficiently, and with the utmost integrity.

“As we gather here today, we are confronted with a rapidly changing financial landscape, driven by technological advancements, changing consumer expectations, and evolving global dynamics. It is our duty to adapt and respond to these challenges in a manner that fosters innovation, promotes financial inclusion, and maintains the highest standards of transparency and accountability.

“Over the remaining life of the 10th Senate, it is imperative that we work together on this journey to build a financial service industry that will not only bring prosperity to all Nigerians, but also be the pride of Africa.

“As we embark on this legislative journey, it is essential that we recognize the critical role our committee plays in shaping the economic landscape of our nation. While it is a fact that our economy today is facing serious challenges, our decisions and actions have far-reaching consequences that will impact the lives of our citizens, the stability of our financial markets, and the overall prosperity of our country.

“In an ever-evolving financial landscape, our committee’s responsibilities have never been more significant. From safeguarding consumers’ financial rights to fostering innovation in the financial sector, and from promoting sound banking practices to ensuring the resilience of our insurance systems, we hold the key to ensuring that our financial institutions operate with integrity, transparency, accountability, and at par with international standards.”

Biodun Adedipe, founder and Chief Consultant of B. Adedipe Associates Limited (BBA Consult), was the lead faculty at the well-attended retreat.

The financial and management expert shared industry insights and economic data on the nation’s financial services sector and offered counsel on how the Nigerian Senate can collaborate with the Federal Government, particularly the relevant agencies of the government on how to stabilise the economy.

Ganiyu Ogunleye, a former CBN director of Banking Supervision and former Managing Director/CEO of the Nigeria Deposit Insurance Corporation (NDIC), also shared his thoughts on how the committee can further deepen its oversight on the financial services sector for the overall economic development and growth of the nation.

At the retreat, many obsolete laws governing the financial services sector were identified, and the lawmakers resolved to review them in tandem with current realities and trends in the ever-dynamic financial services sector.

The members of the committee commended Senator Abiru for organising the first-of-its-kind knowledge-sharing sensitisation retreat for the Senate standing committee.

Committee members who joined Senator Abiru at the retreat include the Vice Chairman of the Committee, Adamu Lawal, Orji Uzor Kalu, Adamu Aliero, Aminu Waziri Tambuwal, Sanni Bello Abubakar, Sani Musa Mohammed, and Haruna Manu.

Others were Jimoh Ibrahim, Adeyemi Adaramodu, Lamido Ibrahim, Mustapha Kabeeb, Titus Zam Tartenger, Tahir Muhammed Mungonu, Onyekachi Peter Nwaebonyi, and Nasir Sani Zango Daura.

Senators Idiat Adebule, Asuquo Ekpeyong, Babangida Hussaini Uba, Danjuma Goje Muhammed, Ifeanyi Patrick Uba, Ibrahim Bomai and Ibrahim Khalid Mustapha were also in attendance.

Source: Businessday