COVID-19: BOFIA amendment will reposition Nigeria's economy - Senator Uba Sani
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COVID-19: BOFIA amendment will reposition Nigeria's economy - Senator Uba Sani

- Senator Uba Sani has urged Nigerians not to be panic about life after COVID-19

- The senator said the BOFIA amendment will strengthen financial institutions, reposition Nigeria's economy

- According to him, a strengthened legal framework is very critical and strategic to maintaining the health of the banking sector

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The senator representing Kaduna Central at the red chamber, Uba Sani, has reassured Nigerians that a stable financial sector that would lift Nigeria to a new height in a post-COVID-19 world has been put in place with the amendment of Banks and Other Financial Institutions Act (BOFIA) 2004 (Repeal and re-enactment bill 2020).

Legit.ng's regional reporter in Kaduna, Nasir Dambatta, reports that while making the declaration at the public hearing on the bill, Sani further explained that 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."

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He added that a properly regulated electronic transaction system would enhance operational efficiency and boost customers' confidence in the banking sector.

At a public hearing a which was organised by the Senate committee on banking, insurance and other financial institutions which he chairs, Senator Uba maintained that the banking and other financial institutions act is long overdue for review and amendment.

COVID-19: BOFIA amendment will reposition Nigeria's economy - Senator Uba Sani

Senator Uba Sani says BOFIA amendment will reposition Nigeria's economy. Credit: Twitter/Uba Sani.
Source: UGC

He said a strengthened legal framework is very critical and strategic to maintaining the health of the banking sector.

"A sanctions regime that is effectively implemented will help check sharp practices in the banking sector and prevent future distress," he said.

He commended the Senate president for his strong leadership which he said has helped in stabilising the Senate and making it responsive to the yearnings and aspirations of Nigerians.

Noting that the challenge of COVID-19 has further worsened the economic situation of countries, he warned Nigeria against taking chances, saying "we must remain vigilant and keep our banking sector under close watch."

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He further stated that a stable financial sector would lift Nigeria to a new height in a Post-COVID19 world while 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.

The public hearing on the bill jointly sponsored by Uba Sani and Senator Betty Apiafi was held alongside the electronic transactions bill, 2020, sponsored by Senator Ibikunle Amosun.

The key presentations were made by the Body of Banks CEOs/Chartered Institute of Bankers of Nigeria, Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Nigerian Communications Commission (NCC), Securities and Exchange Commission (SEC).

The president, Industrial Global Union, Comrade Anthony Agbakpa, President, National Union of Banks, Insurance and Financial Institutions (NUBIFE), Prof. Uche Uwaleke, President of Market Academics of Nigeria and Head, CIBN, Abuja Chapter, and Mr. Obinna Chima, President, Finance Correspondents Association of Nigeria (FICAN) also made key submissions.

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Uba Sani expressed confidence that contributions by participants at the hearing will help significantly in reinvigorating the banking and other financial services sectors, as well as stabilizing the Nigerian economy.

Meanwhile, Legit.ng had previously reported that Senator Uba Sani lauded President Buhari and the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over their exceptional roles in rebooting the nation's economy following the hardship occasioned by the coronavirus pandemic.

It was reported that the senator said Nigeria would have been contending with major crises on practically all fronts but for the level-headedness of President Buhari.

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Source: Legit

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