Reps move to enhance transparency, trust in Nigeria’s financial system

The House of Representatives has moved to enhance transparency and trust in Nigeria’s financial system for economic growth and stability.

Towards this end, the House Committee on Banking Regulations organised a public hearing on two bills aimed at engendering business prosperity in the country.

Our correspondent reports that one of the two bills is: A Bill for an Act to regulate purchase of renewables as well as establishment, operation and control of Business organisations.

The second, a Bill for an Act to amend the banks and other financial institutions Act 2020, aims to make provisions for the protection of victims of fraudulent withdrawal from accounts.

Speaking at the public hearing in Abuja on Thursday, the Chairman, House Committee on Banking Regulations, Rep. Bello El-Rufai, stressed the need for promoting fiscal security in the country.

“Both bills share a common goal; enhancing transparency and trust, aimed at stabilising Nigeria’s financial system.

“Nigeria has the potential to ensure that businesses thrive in any part of the country,” the lawmaker said.

Earlier, Gov. Uba Sani of Kaduna State commended the leadership of the House of Representatives for driving financial reforms, saying that the bills would empower businesses.

Sani, represented by Mr Fabian Okoye, said that the bills would give businesses access to cash flow for renewables.

He stated that the legislation would also go a long way in supporting export competitiveness as well as ensuring transparency and stabilising the economy.

Also speaking, a representative of the organised private sector, Mr Chukwuemeka Eze, identified delay in judicial process as one of the biggest challenges for the bills.

According to him, people may be spending eight to 10 years in seeking for settlements in court.