By Fatima Saka
“This engagement is conveyed pursuant to the constitutional mandate of the Senate to consider matters of critical importance to the stability, integrity, and the resilience of Nigeria’s financial system,” the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Mukhail Adetokunbo Abiru, declared on Tuesday.
Abiru said the upper chamber was addressing two issues of national significance, the consideration of a bill to amend the Banks and Other Financial Institutions Act 2020 (BOFIA), referenced as SB 959, and a motion mandating an investigative hearing into the operations of Ponzi schemes in Nigeria, with particular reference to the recent Crypto Bullion Exchange (CBEX) incident.
According to him, both matters strike at the very core of financial system stability, consumer protection, regulatory effectiveness and public confidence in the nation’s economy.
The lawmaker explained that the proposed amendment to BOFIA 2020 is aimed at strengthening the supervisory and enforcement powers of financial regulators, closing loopholes exploited by illicit operators, and reinforcing the resilience of Nigeria’s banking sector.
He noted that the CBEX episode had once again exposed regulatory gaps and highlighted the vulnerability of unsuspecting investors to fraudulent schemes, particularly those operating within the digital and cryptocurrency space.
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On the planned investigative hearing, Abiru said the committee would scrutinize the operational models of Ponzi schemes, evaluate the responses of regulatory agencies, and recommend legislative and policy measures to prevent a recurrence.
He emphasized that safeguarding Nigerians from financial exploitation remains a top legislative priority, stressing that restoring and sustaining public trust in the financial system is critical to economic growth and national development.
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