.As stakeholders call for amendment of BOFIA Act to ensure quick response to fraud cases by CBN
JONAS EZIEKE, Abuja
The House of Representatives and other key stakeholders in the nation’s financial services sector has called on banks and other financial service providers to urgently put in place measures that will safeguard the savings and livelihood of citizens deposited in commercial banks and allied financial institutions.
This happened as key stakeholders in the life-saving sector have harped on the need for a quick amendment to the Banks sand Other Financial Institutions Act BOFIA and other legislations to ensure that the Central Bank of Nigeria CBN, promptly responds to cases of fraud in the banks.
Chairman of the House Committee on Banking Regulations Hon.Mohammed Bello El-Rufai gave the charge to banks and other financial service providers at an investigative hearing on two bills on Thursday at the National Assembly Abuja.
The Proposed bills are A Bill for an Act to Regulate Factoring, Purchase of Receivables As Well As Establishment, Operation and Control of Operations of Business Organizations Engaged in Factoring And For Related Matters and A A Bill for an Act to Amend the Banks and Other Financial Institutions Act BOFIA
In an opening remarks, he said that the two bills reflect the House Committee’s commitment to strengthen the nation’s financial system.
He said that the proposed BOFIA amendment to the Act is to align out financial system to international best practices.
He added that as stakeholders in the nation’s financial services sector they must ensure the protection of citizens in our financial system.
The Governor Central Bank of Nigeria Mr Olayemi Cardoso represented by the Director Legal Services said that apex bank is working assiduously to strengthen the regulation of the banking and financial services sector
The apex bank said it is in agreement that the legal framework for banking operations should be strengthen to align our financial system to international best practices.
Nonetheless, the organised private sector and other key players in the financial services industry have lamented to the frequency of fraudulent practices, especially illegal withdrawal of funds from accounts of bank customers.
A representative of the Nation Association of Chambers of Commerce Industry, Manufacturing and Agriculture NACCIMA Barr Chukwuemeka Eze called on the House Committee to ensure a quick amendment to the laws for quicker response to fraud cases in banks by the CBN.
He said that an amendment to the BOFIA Act should specify the duration for the CBN to respond and dispense justice in all cases of fraud in commercial banks.
The Governor of Kaduna State Sen Uba Sani represented by Mr Fabian Okoyeat th hearing also expressed delight that the House Committee and the House leadership have been working assiduously towards providing the citizens with the legal framework for smooth banking and allied service operation in Nigeria
Our correspondent reports that the Committee Chairman, Hon El-Rufai, during the investigative hearing intimated stakeholders of the fraudulent withdrawal of N500,000 from the savings account of a senior reporter covering the apex legislature for Daily Champion from his First City Monument Bank FCMB account but the feelings expressed by the lawmaker indicate that the accused bank may have provided him with the wrong information on the matter.
The fraud case which happened on December 28,2024 and was perfected through Automated Teller Machine Card ATM swapping with a card belonging to one Clara Ukamaka Okechukwu have been reported to both the CBN, NDIC and Nigeria Police Force NPF a bd is still under investigation by these agencies.
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