Starrays
By Tsebee Zack – NASS, Abuja.
The Senate Committee on Banking, Insurance and Financial Institutions, Financial heads alongside stakeholders on the establishment bills, National Insurance Commission(Repeal) Act (Insurance Regulatory Commission) and the Nigerian Export-Import Bank establishment act and other related matters.
The public Hearing which takes it lead under the committee Chairmanship of Dist. Sen. Adetokumbo Abiru and graced by the Senate President who is ably represented by Sen. Mongonu who declared the public Hearing open.A day meeting which laid its emphasis on repealing of 2 bills.”(l ) National insurance commission Act ,And Nigeria Export Bank ACT amendment bill 2025( SB).
The above listed bills were held with Interest to harness and enhance the operation of banking and insurance & other Insurance institutions.Stakeholders proposed some amendments to the bills such as: Section, 7 functions of Regulators , Section 8 Powers of regulators and emergence of the regulators and also proposed the change from Deputy commissioner to commissioner Section 15/16 .
They also proposed the setting of time- frame for payment by the operators, targeting 30th September yearly . The Stakeholders also noted that the industrial Chairman board should not be held by CBN but that CBN should just be a member of the board. The stakeholders where drown from among the following,, Prof. Uche Walleke, President Capital Market Academy/ Chief Executive Officer/ Bank Director of Nigeria. Adebukota Drenuga of NDIC, Ronbak David, Security and Exchange Commission ( SEC) were present.
Others present include: Mr Olusegun Ayo Omosehin , Commissioner for Insurance,, Yetunde Ilori, the president/ Chairman of Council of Chattered Institute of Nigeria, the Hon Minister of industry , Trade and Investment ably represented by Dr. jumoke Oduwole, the President /Chairman Governing Board Nigeria Council of Registered Insurance Brokers (NCRIB) also made valuable contribution at the meeting Mrs Ekeoma Ezeibe.
In conclusion, both Senate, Ministry of Banking and Finance, Agencies and Stakeholders assured to partnership for a resilience in Banking Industry in Nigeria.
