BY BONNY AMADI WITH AGENCY REPORT
The House of Representatives Committee on Banking Regulations has convened a public hearing on two bills aimed at boosting the nation’s financial sector and protecting bank customers from fraudulent practices.
The public hearing, which was held on Thursday at the National Assembly Complex, Abuja, was moderated by the Chairman of the Committee, Bel lo El-Rufai.
The Nigerian banking system is characterised by many shady practices, including multiple deductions from depositors’ accounts, insider deals, failed transactions and more.
The House is currently considering sundry bills and motions aimed at addressing identified gaps in the financial system.
Technological innovation, which has since been embraced by the Money Deposit Banks, poses a challenge of its own, with many depositors reporting of illegal transfer of money from their accounts without their consent.
Bello, son of the im- mediate past Governor of Kaduna State, Nasir El-Rufai, emphasised the House’s resolve to revamp the country’s financial sector through proactive and people-driven legislation.
One of the proposed legislations is “A bill to regulate factoring, purchase of receivables, and the establishment, operation, and control of factoring and receivables financing businesses.”
It seeks to institutionalise factoring and receivables financing as effective instruments for improving liquidity and facilitating ac- cess to capital, particularly for small and medium-sized enterprises.
The Kaduna lawmaker said the bill “aims to align Nigeria’s trade finance framework with international standards while fostering competitiveness and financial inclusion.”
The second legislative proposal titled, “A Bill to amend the Banks and Other Financial Institutions Act, BOFIA, 2020: was sponsored by Moses Fayinka.
The bill focuses on “Improving consumer protection and ensuring justice for victims of unauthorised or fraudulent withdrawals from their accounts.”
He added, “Both bills are united by a shared purpose: to enhance trust, transparency, and stability in Nigeria’s banking and financial ecosystem.
“Our collective goal is to enact reforms that safeguard consumers, strengthen institutions, and build confidence in the system.”
The event brought together key participants of major financial institutions including the Governor of the Central Bank of Nigeria, Oleyemi Cardoso, the Minister of Industry, Trade and Investment, Jumoke Oluwole, the Managing Director of the Nigerian Export-Import Bank, Abba Bello and the Director-General of the Securities and Exchange Commission, Emomotimi Agama, among others.
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