By Musa Baba Adamu
The Senate Committee on Banking, Insurance and other financial institutions has conducted a public hearing on three bills, namely.
The Bills are the Nigerian Deposit Insurance Act Amendment Bill, The Dishonoured Cheques Act (Repeal and Re-enactment Bill) and the Electronic Transactions Bill.
The Chairman of the Committee, Senator Mukhail Adetokunbo Abiru, in his welcome address assured that the Committee would conduct a thorough and transparent review process.
He further assured that hearing would consider all viewpoints and weighing the potential impacts of the proposed Bills on stakeholders, the economy, and the overall well-being of our citizens.
Explaining the importance of the amendment, the Committee said the NDIC amendment Bill, the Committee seeks to make the corporation more effective, safeguard its independence and autonomy, in line with section 1 (3) of the Principal Act.
It said the Bill also seeks to restore the President’s power to appoint the Managing Director and Executive Directors, geo-political representation on the board of the corporation.
It said the Bill also provide for the constitution of an interim management committee within 30 days, after the expiration or termination of the tenure of board.
As for the Electronic Transactions Bill, the Committee explained that it seeks to provide a legal and regulatory framework for conducting transactions using electronic or related media.
According to the Committee, the Bill on Dishonoured Cheques, Offences, repeal and reenactment Bill, 2023, seeks to align the 1977 Act in tandem with current realities.
The public hearing which was declared opened by the Senate President, Senator Godswill Akpabio CON, represented by the Senate Chief Whip, Senator Tahir Monguno, had in attendance the management team of NDIC, CBN, SEC and other stakeholders in the financial services sector.
Peoples Daily reports that most stakeholders who made presentations, commended the Committee, and all declared support for the Bills, and urged the committee to consider divergent views while considering the bills.
