Senate to Comprehensively Review Extant Laws on Financial Services

Sunday Ehigiator

The Nigerian Senate, through its committee on Banking, Insurance and other Financial Institutions has disclosed its plans to comprehensively review extant laws in the financial services sector for economic sustainability and growth.

The committee disclosed this at a 2-day sensitization retreat organized over the weekend, for the members of the Senate Committee on Banking, Insurance and Other Financial Institutions recently in Abuja.

Speaking at the retreat, the Chairman of the committee, Senator Mukhail Adetokunbo Abiru, said the retreat was aimed at equipping the members with the necessary understanding of the core mandates of the committee and also enhancing the legislative framework and oversight of the financial sector.

According to him, “The financial sector is the lifeblood of any economy, and it is our responsibility to ensure that it functions effectively, efficiently, and with the utmost integrity.

“As we gather here today, we are confronted with a rapidly changing financial landscape, driven by technological advancements, changing consumer expectations, and evolving global dynamics. We must adapt and respond to these challenges in a manner that fosters innovation, promotes financial inclusion, and maintains the highest standards of transparency and accountability.

“Over the remaining life of the 10th Senate, it is imperative that we work together on this journey to build a financial service industry that will not only bring prosperity to all Nigerians but also be the pride of Africa. As we embark on this legislative journey, we must recognise the critical role our committee plays in shaping the economic landscape of our nation.”