By Amos Mathew, KadunaLATEST NEW
Senator representing Kaduna Central Senatorial District, Senator Uba Sani, has stated that he is happy by the passage of his Bill for an Act to Repeal the Banks and Other Financial Institutions Act 2004.
In a statement issued by the senator on Thursday which he personally signed, Sani noted the bill marks another milestone in his legislative journey and sets the stage for the reinvention of the banking and financial services sector.
He hailed the senate for standing to be counted on the side of reinvention of the banking and other financial services sector, and by extension the strengthening of the Nigerian economy.
Recalling that the Banki and other Financial Institutions Act was last amended/reviewed in 1991, Uba Sani said it was long overdue for review and amendment.
“A robust legal framework is very critical and strategic to maintaining the health of the banking sector in order to prevent future distress.
“A stable and strengthened banking sector will refocus its activities and concentrate on providing credit access to Micro, Small and Medium Enterprises (MSMEs) to help grow the economy, enhance and properly regulate electronic transactions system that will propel operational efficiency and boost customer confidence in the banking sector,” he said.
He explained that the passage of the bill which was co-sponsored by Senator Betty Apiafi was a sequel to his submission to the Senate for the consideration of the report by the Senate Committee on Banking, Insurance and Other Financial Institutions which he chairs.
” The report recalled that the Senate of the Federal Republic of Nigeria at its sitting on Tuesday, 19th May 2020 read for the second time the Banks and Other Financial Institutions Act, Cap, B3, LFN, 2004 Repeal and Re-enactment Bill, 2020 and referred same to the Committee on Banking, Insurance and Other Financial Institutions for further legislative action.
“The report detailed the objectives of the bill, the methodology adopted by the Committee in carrying out its assignment, especially the highly successful public hearing which recorded impressive attendance by key stakeholders, and the updated recommendations of the Committee.
” The Committee, after a painstaking evaluation and analysis of submissions, observations and the preponderance of views expressed in support of the proposed legislation recommended “That the Senate do approve the attached recommendations of the Senate Committee on Banking, Insurance and Other Financial Institutions on a Bill for an Act to Repeal the Banks and Other Financial Institutions Act, CAP, B3, LFN, 2004 and Re-enact the Banks and Other Financial Institutions Act, 2020,” Uba Sani explained.
The Senate on Wednesday, July 22, 2020, passed the Bill to repeal the Banks and Other Financial Institutions Act (BOFIA) CAP B3 Laws of the Federation of Nigeria 2004 and to re-enact Banks and Other Financial Institutions Act (BOFIA) CAP B3 Laws of the Federation of Nigeria 2004 (Amendment) Bill, 2020.
The passage of the Bill passed normal legislative processes, which started with the Sponsors presenting the Bill for First Reading on Tuesday, May 12, 2020, and a Second Reading on Tuesday, May 19, 2020.
Following the debate by the Senate at the plenary, the Bill was referred to the Senate Committee on Banking, Insurance and Other Financial Institutions for further legislative actions.
Wednesday’s passage of the Bill, after a clause by clause consideration by the Senate at its Plenary, followed the public hearing by the Senate Committee on Banking, Insurance and Other Financial Institutions on Wednesday, July 15, 2020, to consider the opinions of stakeholders in the industry such as the Central Bank of Nigeria (CBN), the Federal Ministry of Finance, Body of Bank CEOs and the Nigeria Deposit Insurance Company (NDIC). Others at the hearing were the Securities and Exchange Commission (SEC), Corporate Affairs Commission (CAC), the Chartered Institute of Bankers of Nigeria (CIBN), the Nigeria Labour Congress (NLC), the Financial Correspondents Association of Nigeria (FICAN), the Association of Senior Staff of Banks, Insurance & Financial Institutions (ASSBIFI) and the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFE).
Source: Tribute Newspaper