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Senate seeks to repeal the Banking and other Financial Institution Act

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The Senate President Dr Ahmed Lawan

By Audrey Lotechukwu

TUE, MAY 19 2020-theG&BJournal- The Nigerian Senate Tuesday were presented with a Bill seeking to repeal and replace the Banking and other Financial Institution (BoFIA) Act (CAP B3 LFN 2004).

The Bill was presented to the Senate by Senators Sani Uba and Betty Apiafi.

According to the Senators, the proposed changes will strengthen the banking and financial institutions as well as their legal framework.

Senator Ibikunle Amosun who seconded the Bill agreed that the Bill that is about to amended is obsolete.

‘’We are bedevilled and it is this development that necessitated the establishment of AMCON to bail out our banking institutions.’’

Senator Smart Adeyemi drew the Senator’s attention to the area of interest charges and what he called other immoral activities that are being entertained in the banking industry, as one area of interest to him.

The Senate President Dr Ahmed Lawan referred the Bill to the Committee on Banking, Insurance and Other Financial Institutions and asked them to report their findings within four weeks.

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