CIBN Urges Senate to Pass Proposed Act Bill for Banking Industry Reforms

The Chartered Institute of Bankers of Nigeria (CIBN) has recently called for the Senate to pass a proposed Act Bill aimed at reforming the banking and finance industry.

The request was made by the President and Chairman of the Council of CIBN, Ken Opara, during a dialogue with the Senate Committee on Banking, Insurance and Other Financial Institutions, led by Sen. Adetokunbo Abiru.

Opara emphasized the importance of the Act Bill in addressing key issues and initiatives affecting the banking and finance industry.

He commended the Committee for supporting the Institute in reviewing the current financial sector laws and for their recent intervention to tackle the country’s economic challenges.

The CIBN President acknowledged the Committee’s efforts to review the 2024 budget of all Ministries, Departments and Agencies (MDAs) within the financial services sector, as well as their continuous initiatives to ensure that these MDAs are properly run in accordance with sound Corporate Governance principles.

The Senate Committee recently summoned the governor of the Central Bank of Nigeria, Olayemi Cardoso, and the Minister of Finance, Olawale Edun, to discuss the rising hardship and the rapid decline of the Naira.

The CIBN seeks the Senate’s swift passage of the proposed Act Bill, which aims to improve the banking and finance industry and address critical issues affecting the Nigerian economy.