Lawmakers move to strengthen financial transparency, protect bank customers from fraud

By Seun Ibiyemi

The House of Representatives has taken fresh steps to boost transparency and public trust in Nigeria’s financial system as part of efforts to drive economic stability and business growth.

To achieve this, the House Committee on Banking Regulations on Thursday held a public hearing on two key bills designed to reform the nation’s financial and business environment.

The first, A Bill for an Act to Regulate the Purchase of Renewables and Establishment, Operation and Control of Business Organisations, seeks to promote access to financing and sustainable energy ventures.

The second bill proposes amendments to the Banks and Other Financial Institutions Act (BOFIA) 2020 to provide protection for victims of fraudulent withdrawals from bank accounts.

Chairman of the House Committee on Banking Regulations, Rep. Bello El-Rufai, said both bills were critical to enhancing fiscal security and promoting confidence in the financial sector.

“Both bills share a common goal, enhancing transparency and trust aimed at stabilising Nigeria’s financial system,” El-Rufai said. “Nigeria has the potential to ensure that businesses thrive in any part of the country.”

In his remarks, Governor Uba Sani of Kaduna State, represented by Mr. Fabian Okoye, commended the House for its commitment to financial reform. 
He said the proposed legislation would empower businesses, improve access to cash flow for renewable projects, and strengthen export competitiveness.

“These bills will go a long way in supporting transparency, stabilising the economy, and ensuring that businesses have the financial flexibility they need to grow,” Sani said.
Also speaking, Mr. Chukwuemeka Eze, representing the organised private sector, highlighted the need for judicial efficiency to ensure the effectiveness of the proposed laws.

“One of the biggest challenges remains the delay in the judicial process, some cases take up to eight to ten years before settlement,” he noted.

The public hearing marks a significant step in the National Assembly’s efforts to create a more secure, transparent, and business-friendly financial environment in Nigeria.