The Senate Committee on Banking, Insurance and other financial institutions, have conducted public hearings on four amendment bills aimed at improving Nigeria’s Banking Sector.
The Hearing which took place at the National Assembly complex had in attendance the management team of Nigerian Deposit Insurance Act, Central Bank of Nigeria, Securities and Exchange Commission, National Insurance Commission, representatives of the Attorney General and Minister of Justice as well as other stakeholders in the financial services sector.
The Nigerian Senate is making moves to make critical amendments to some Act of parliament aimed at reforming Nigeria’s Financial Sector.
These amendment Bill Include the Nigerian Deposit Insurance Act Amendment Bill, The Dishonoured Cheques Act , the Electronic Transaction Bill and the Nigerian Insurance Industry Reform Bill.
The NDIC amendment bill seeks to make the corporation more effective, safeguard its independence and autonomy, in line with section 1 (3) of the Principal Act while The Electronic Transactions bill seeks to provide a legal and regulatory framework for conducting transactions using electronic or related media.
On the other hand the Nigerian Insurance Industry Reform Bill, 2024 seeks to consolidate the Insurance Act, the Marine Insurance Act, the Motor Vehicles (Third Party Insurance) Act, the National Insurance Corporation of Nigeria Act, the Nigeria Reinsurance Corporation Act.
The Committee assures that it will conduct a thorough and transparent review process, considering all viewpoints and weighing the potential impacts of the proposed bills on stakeholders, the economy, and the overall well-being of our citizens.
