By BASHIR BELLO DOLLARS, Abuja. The House Committee on Banking Regulations has conducted a public hearing on two significant bills aimed
By BASHIR BELLO DOLLARS, Abuja.
The House Committee on Banking Regulations has conducted a public hearing on two significant bills aimed at strengthening Nigeria’s financial system and protecting consumers.
The first is a bill to regulate factoring, purchase of receivables, and the establishment, operation, and control of factoring and receivables financing businesses.
The second is a bill to amend the Banks and Other Financial Institutions Act (BOFIA) 2020, focusing on protecting victims of fraudulent withdrawals from accounts.
The Chairman of the House Committee on Banking Regulations, Mr. Mohammed Bello el-Rufai, said the two important bills reflect the committee’s continued commitment to strengthening Nigeria’s banking and financial system.
He said that the first bill seeks to deepen access to finance for small and medium enterprises, promote liquidity, and align Nigeria’s legal framework with. international best practices in trade finance.
“It is a proposal that focuses on protecting victims of fraudulent withdrawals from their accounts and ensuring accountability within the financial system. Both Bills share a common goal: enhancing trust, transparency, and stability in our banking and financial ecosystem,” Hon. el-Rufai said.
“ Together, we can deliver reforms that strengthen confidence and protect every participant in Nigeria’s financial system,” he added.
He also stated that the second bill is a Bill to amend the Banks and Other Financial Institutions Act (BOFIA) 2020 (HB. 1168), sponsored by Mr. Moses Oluwatoyin Fayinka
Lawmakers and stakeholders from the Central Bank of Nigeria CBN and NEXIM Bank as well as those from the banking and financial sectors made various contributions to the bill
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