Wale Jagun
The Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Mukhail Adetokunbo Abiru, FCA, has reiterated the commitment of the 10th Senate to comprehensively review the extant regulations and legislations governing the nation’s financial ecosystem.
Abiru made this known in Lagos on Friday, while delivering his keynote address as the Special Guest at the grand finale of the 60th Anniversary of the Chartered Institute of Bankers of Nigeria (CIBN) and the 58th Annual Bankers Dinner.
Senator Abiru, a retired bank chief Executive, is an accomplished banker, economist and accountant, is also an alumnus of the CIBN.
“As the Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, I stand before you as a partner in progress, committed to fostering an environment that allows our financial Ecosystem (regulators & operators) to thrive in order to protect the interests of all stakeholders. The banking industry plays a critical role in any economy, and it is our responsibility to nurture its growth, resilience, and sustainability”, he said.
“Our committee is aware of the challenges facing the Financial Ecosystem, and we are steadfast in our commitment in driving reforms that will fortify its foundations. The financial landscape is evolving rapidly, driven by technological advancements, global economic shifts, and the need for greater financial inclusion. We recognize the imperative for our banking institutions to adapt and embrace these changes to remain competitive on the global stage.
“To this end, the Senate Committee on Banking, Insurance, and Other Financial Institutions is actively engaged in a comprehensive review of existing regulations and legislation governing the Financial Ecosystem. We are collaborating with industry experts, stakeholders, and regulatory bodies to ensure that our legal framework is not only robust but also flexible enough to accommodate innovation while safeguarding the stability of the financial system.
“Furthermore, our committee is focused on promoting financial inclusion initiatives to bring more Nigerians into the formal financial sector. We believe that a financially inclusive society is stronger and more prosperous, and we are working tirelessly to create an environment that encourages banks to reach the underserved and unbanked segments of our population.
“I want to assure all of us gathered here today that the Senate Committee on Banking, Insurance, and Other Financial Institutions is unwavering in its commitment to driving positive reforms in the banking industry. We are cognizant of the pivotal role that the banking sector plays in Nigeria’s economic development, and we are dedicated to fostering an environment that encourages innovation, competition, and inclusivity”.
The Senator also noted that the Chartered Institute of Bankers of Nigeria has been a beacon of excellence, fostering professionalism and innovation within the banking sector. According to him, in the last six decades, CIBN had been tireless in its efforts in upholding the highest standards of integrity and competence among banking professionals.
The Minister of Finance and the Coordinating Minister for the Economy, Mr. Olawale Edun and the Governor of the Central Bank of Nigeria, CBN, Dr. Olayemi Cardoso also spoke on the economic, fiscal and monetary plans of the Federal Government under the leadership of His Excellency, President Bola Ahmed Tinubu, GCFR.
Bank Chief executives, financial experts , top government functionaries and other stakeholders attended the event.
