The Senate Committee on Banking, Insurance and Other Financial Institutions has intensified efforts to strengthen Nigeria’s financial system, convening an expanded stakeholders’ engagement with key financial sector regulators and experts to promote economic stability, financial inclusion and sustainable growth.
The high-level engagement, held in Lagos over the weekend, brought together the leadership of the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Asset Management Corporation of Nigeria (AMCON), National Insurance Commission (NAICOM) and Nigeria Export-Import Bank (NEXIM), among other stakeholders.
Speaking at the engagement, Chairman of the Senate Committee, Senator Mukhail Adetokunbo Abiru (Lagos East), who was represented by Senator Osita Izunaso (Imo West), reaffirmed the Senate’s commitment to legislative reforms and stronger collaboration with financial regulators.
Abiru said the Senate recognised the critical role of the financial sector in driving investment, job creation, business growth and macroeconomic stability.
He said current economic realities required closer cooperation between lawmakers, regulators and other stakeholders, particularly in addressing inflationary pressures, global economic uncertainties, cybersecurity threats, low insurance penetration and the need to diversify Nigeria’s export base.
According to him, “the effectiveness of monetary policy, the strength of our financial safety nets, the soundness of our banking institutions, the vibrancy of the insurance industry and the availability of export finance are all interdependent components of a stable and well-functioning financial architecture.”
He said the theme of the engagement, ‘Strengthening Financial System Architecture for Sustainable Economic Growth and Stability in Nigeria’, reflected the need for greater synergy across monetary policy, deposit insurance, asset recovery, insurance development, export financing, digital finance and financial regulation.
Abiru said the expanded stakeholders’ engagement was intended to provide an avenue for frank discussions and the development of practical solutions to challenges confronting the financial sector.
“The Senate is committed to ensuring that our financial system is not only resilient but also responsive to the needs of our people and capable of supporting sustainable economic growth,” he said.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, also commended the Senate committee for its interventions in the insurance industry.
Omosehin disclosed that the NIIRA 2025, sponsored by Senator Abiru and the committee, had contributed to stabilising the sector and repositioning insurance practice in line with global best practices.
He said, “The NIIRA 2025 has helped in stabilising the sector and repositioning insurance practice in line with current best global practices.”
According to him, 43 insurance companies had successfully recapitalised following the reforms in the sector.
He further commended Abiru and members of the committee for the passage of the Insurance Regulatory Commission Bill.
Omosehin appealed to the House of Representatives to ensure the timely passage of the bill and its subsequent transmission to President Bola Tinubu for assent.
He said, “We commend Senator Abiru and the committee for the passage of the Insurance Regulatory Commission Bill, and we appeal for its timely passage by the House of Representatives and subsequent assent by Mr. President.”
Representatives of the Governor of the Central Bank of Nigeria and the Managing Directors of AMCON, NEXIM and NDIC also commended the Senate committee led by Abiru for its legislative oversight and support for the agencies.
They noted the committee’s interventions had helped to strengthen the capacity of the institutions to effectively discharge their respective mandates.
The engagement also featured policy presentations by leading financial and economic experts, including Professor Uche Uwaleke, President of the Capital Market Academics of Nigeria (CMAN); Professor Biodun Adedipe, Chief Consultant, B. Adedipe Associates Limited; and Dr. Tilewa Adebajo, Chief Executive Officer of CFG Advisory.
The experts delivered policy papers addressing key issues affecting Nigeria’s financial system, economic stability and prospects for sustainable growth.
The discussions centred on strengthening financial institutions, improving regulatory coordination, deepening financial inclusion, enhancing public confidence in the financial system and creating an environment capable of attracting investment and supporting businesses.
In his closing remarks, Abiru said the Senate would continue to work closely with financial regulators and other stakeholders to strengthen Nigeria’s financial architecture.
He said the legislature remained committed to policies that would “deepen financial inclusion, strengthen public confidence in financial institutions, improve regulatory effectiveness and position Nigeria’s financial system to compete more effectively in the global economy.”
The expanded stakeholders’ engagement forms part of the Senate’s ongoing efforts to provide effective legislative oversight and ensure that Nigeria’s financial institutions remain resilient, responsive and better positioned to support the country’s economic transformation agenda.
Sunday Ehigiator
