Senate Committee on Banking Initiates Comprehensive Review of Financial Laws for National Growth

In a groundbreaking move, reports that the Senate Committee on Banking, Insurance, and Other Financial Institutions unveiled plans to overhaul existing financial laws during a recent two-day sensitization retreat in Abuja.

Chaired by Senator Mukhail Adetokunbo Abiru (FCA, Lagos East), the committee aims to equip its members with a profound understanding of their core mandates. The retreat, attended by industry leaders and financial experts, focuses on enhancing legislative frameworks and strengthening oversight in the financial sector.

Senator Tokunbo Abiru, Lagos EAst Senatorial District.

Senator Abiru emphasized the importance of adapting to the evolving financial landscape, driven by technological advancements and global dynamics. In his remarks, he stressed the committee’s duty to foster innovation, promote financial inclusion, and maintain high standards of transparency and accountability.

Dr. Biodun Adedipe, founder of B. Adedipe Associates Limited, served as the lead faculty member at the retreat, sharing insights and economic data on the nation’s financial services sector. Mr. Ganiyu Ogunleye, former CBN Director of Banking Supervision and ex-managing Director/CEO of the Nigeria Deposit Insurance Corporation, also contributed thoughts on deepening oversight for economic development.

During the retreat, outdated laws governing the financial services sector were identified, prompting the committee’s commitment to a comprehensive review aligned with current realities. Members commended Senator Abiru for organizing this unprecedented knowledge-sharing sensitization retreat.

Notable committee members present at the retreat include Senator Adamu Lawal, Senator Orji Uzor Kalu, Senator Adamu Aliero, Senator Aminu Waziri Tambuwal, and several others. The initiative marks a pivotal step towards reshaping the economic landscape of Nigeria through legislative precision and strategic oversight.

Kaka Babatunde

Kaka Babatunde

Kaka Babatunde is a budding academic researcher and media enthusiast whose experience germinated in high school, attaining the Press Club presidency. As an iconic field reporter for 3 years, he is a writer, serial volunteer, and community cum youth development champion whose collaborative efforts have immensely contributed to nation-building in Epe LGA, Lagos, and Nigeria at large.

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