Don't Miss

CIBN seeks passage of financial ombudsman bill

By BusinessNews Staff on May 15, 2014

The Chartered Institute of Bankers of Nigeria has called on the National Assembly to fast -track the legislative process on the Financial Ombudsman Bill in order to ensure its speedy passage.

The Registrar, CIBN, Dr. Uju Ogunbunka, stated this while speaking in an interview with our correspondent on the sidelines of the first national seminar on banking, finance and allied matters for legislators.

The seminar, with the theme: ‘The legislature and the banking and finance sector: Partnering for Nigeria’s economic growth and development’, was organised by the CIBN.

Ogunbunka listed other bills currently pending at the National Assembly to include the Financial Sector Strategy bill and the Dud Cheque Act, which is yet to be reviewed by the lawmakers.

He said since banking business was a global affair, there was a need to come up with legislation on issues affecting it in a fast and efficient manner.

The CIBN registrar said, “We are here to discuss common issues that will help to ensure that when bills are sent to the National Assembly, they will be fast-tracked knowing that other countries are not waiting for us.

“It is also necessary for us to bear in mind that we need to look beyond our immediate environment, knowing that Nigeria is a global player.

“Banks and other financial institutions in Nigeria are global players and they are not restricted to domestic issues, and there is a need to take care of other things that we will be empowering ourselves to play in the larger economy.

“There are some bills that are pending in the National Assembly. We have the Financial Ombudsman Bill, we have the bill relating to the Financial Sector Strategy 2020 that are still there, we have the Dud Cheque Act, which is supposed to be reviewed.

[Punch]

headline