Senate passes bill to reform laws governing financial institutions
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Senate passes bill to reform laws governing financial institutions

The Senate has passed a bill for an Act to repeal the Banks and other Financial Institutions Act of 2004.

The Central Bank of Nigeria disclosed this on Wednesday in a statement titled ‘Senate passes bill to reenact BOFIA.

The statement said after a clause by clause consideration at the floor of the Senate, the bill was referred to the Senate Committee on Banking, Insurance and Other Financial Institutions for further legislative actions.

The committee had earlier held a public hearing to determine the position of the Central Bank of Nigeria and other financial institutions to be affected by the bill.

In addition to strengthening the nations’ financial systems, the bill when approved by both chambers is expected to regulate banking and businesses of other financial institutions.

The bill will ensure that businesses in Nigeria are conducted under license and incorporation and also provide for proper licensing, supervision and revocation of licenses of such financial institutions by the Central Bank of Nigeria.

The Central Bank of Nigeria had pushed for a review of the framework for managing failing institutions, a restriction remedy for successful action against revocation of licenses in line with international standards and the creation of a Credit Tribunal.

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