We’ll Rebuild Trust In Financial System – Reps

The House of Representatives has said it will enhance transparency and trust in the country’s financial system for economic growth and stability.

The House Committee on Banking Regulations Chairman, Hon. Bello El-Rufai (APC, Kaduna), said this at a public hearing on two bills in Abuja on Thursday.

They are: Bills for an Act to regulate the purchase of renewables as well as the establishment, operation and control of Business organisations and amend the Banks and Other Financial Institutions Act (Bofia) 2020, to make provision for the protection of victims of fraudulent withdrawal from accounts.

El-Rufai, who underscored the necessity of promoting fiscal security, said the two bills would engender business prosperity in the country.

“Both bills share a common goal: enhancing transparency and trust to stabilise Nigeria’s financial system.

“Nigeria has the potential to ensure that businesses thrive no matter the part of the country,” he said.

In his presentation, the Kaduna state governor, Uba Sani, commended the House leadership for driving financial reforms and said the bill would empower businesses.

Sani, represented by his Special Adviser on Research, Documentation, and Strategy, Fabian Okoye, said the bills would give businesses access to cash flow for renewables.

He noted that the bills would go a long way in supporting export competitiveness, ensuring transparency, and stabilising the economy.

For his part, Chukwuemeka Eze, a representative of the organised private sector, identified Nigeria’s delay in the judicial process as one of the biggest challenges of the bills. Eze observed that if the proposed legislation is enacted, people could spend eight to ten years seeking court settlements.