The Senate Committee on Banking, Insurance and Other Financial Institutions has said that the Nigeria Economic Summit Group NESG lacks the moral right to remark on amendment to the Bank and Other Financial Institutions Act 2020 (BOFIA) recently ratified by the National Assembly.
Recall that, NESG has expressed concerns over certain provisions of the ‘BOFIA 2020 Amendment and requested the President to withhold assent until the bill is “properly reviewed, amended and made fit for purpose.”
In a sharp reaction, Senator Uba Sani, chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, described NESG’s critique as a shock and disappointment.
He challenged the competence of the NESG, which as one of the key stakeholder groups that were expected to take a critical look at the repealed and re-enacted bill failed to do so.
“The National Assembly subjected the bill to public hearing. Stakeholders made written submissions and were present at the National Assembly to canvass and defend their positions.
“The Senate Committee received a total of 32 memoranda. Some of the key stakeholders that made written and oral submissions are: Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Federal Ministry of Finance, Development Bank of Nigeria (DBN), Money Deposit Banks, Infrastructure Bank, Bank of Agriculture, Chartered Institute of Bankers of Nigeria, Institute of Chartered Accountants of Nigeria, Association of National Accountants of Nigeria, Securities and Exchange Commission (SEC), Association of Bureau De Change, Corporate Affairs Commission (CAC), National Union of Banks, Insurance and Financial Institutions Employees (NUBIFE), Nigeria Security Printing and Minting Company, Nigeria Labour Congress/Trade Union Congress, FINTECH Development & Advocacy Initiative, Association of Senior Staff of Banks, Insurance and Financial Institutions, Access Bank PLC, Ministry of Communications and Digital Economy, and Finance Correspondents Association of Nigeria (FICAN),” Uba Sani enumerated.