Skip to main content

Senate Tasks CBN On Statutory Reporting Compliance, Stakeholder Engagement on Bank Recapitalization







The Nigerian Senate has called upon the Central Bank of Nigeria (CBN) and its affiliated entities, including the Nigerian Security Printing and Minting PLC, NIRSAL Plc, and NIRSAL Microfinance Bank, to adhere strictly to the Central Bank of Nigeria Act 2007 and the Senate Standing Orders 2023 (as amended). This directive was emphasized during an interactive session and statutory briefing between the Central Bank of Nigeria and the joint committees of the Senate on Banking, Insurance and other Financial Institutions, and the House of Representatives Committee on Banking Regulations in Abuja on Thursday.

Senator Mukhail Adetokunbo Abiru, FCA (Lagos East), the Chairman of the Committee, highlighted the explicit provisions of the Central Bank of Nigeria Act 2007 concerning the CBN's reporting and briefing obligations to the National Assembly, particularly to the Committee on Banking, Insurance, and other Financial Institutions. He stressed the requirements for semi-annual hearings, formal reports, budget defense, and annual accounts submission, as outlined in relevant sections of the Act.

Moreover, Senator Abiru encouraged the CBN to engage proactively with stakeholders to garner their cooperation and understanding regarding the proposed recapitalization of banks. The CBN Governor, Mr. Olawale Cardoso, shared insights into the positive impacts of recent interventions in monetary policy on the economy. He acknowledged global challenges but highlighted the success of economic reforms, including the removal of fuel subsidy and tax reforms, contributing to a positive economic outlook according to reports from Moody, Fitch, and the World Bank.

During the meeting, the Senate raised concerns about a shortage of cash in the system, suggesting that at least 5% of money in circulation should exist in cash, aligning with practices in advanced economies where cashless policies are implemented. The meeting concluded with a mutual commitment between the National Assembly committees and the CBN to collaborate for the benefit of the Nigerian economy and the prosperity of its citizens.


lagoscommunitynewsreview.com.ng

Comments

Popular posts from this blog

WHO IS KAFILAT OGBARA

  Mrs. Kafilat Ogbara was born to Alhaji and Alhaja M. Ade. Kasumu’s family in Aiyepe Ogun State. She attended Adrao International School in Victoria Island and Federal Home Science PSchool Ikoyi, Lagos respectively. Her Secondary School Education was at Federal Government Girls College Langtang, Plateau State. A graduate of English Language and Literature from the University of Lagos, she also acquired her Masters Degree in International Law and Diplomacy and another Masters Degree in Public Administration all from the University of Lagos. Mrs. Kafilat Ogbara started her career in Property and Facility Management in the Family Business. She had a background in the prints and Electronic Media as a Television Presenter on NTA on the programme ‘Faces and Events’, Publisher of Today's Prime newspaper, and the former Managing Director/ CEO of National Mirror Newspaper in the print media. She is a dedicated and committed member of the All Progressive Congress, a strong supporter and...

Story of Supremacy: Ooni of Ife and Alaafin of Oyo

First of all I am immensely grateful to the two most prominent royal fathers Alaafin of Oyo, Oba Lamide Adeyemi III and Ooni of Ife, Oba Ogunwusi for their display of maturity and bringing together the whole Yoruba race again. I say to both revered fathers, KABIYEESI O!!! (As usual, with my chest flat on the floor). Both of them are great kings of Yoruba land and none should ever be disparaged!. That being said, we need to clear the air on this superiority issue being bandied around by a lot of people without the sense of history. Some say The Alaafin is the supreme-most king in Yoruba land, while others say it is the Ooni. I would try to give an abridged version of the history of the two and let you, the YoruByte reader make your own decision. So, it is an agreed fact that the progenitor of the Yoruba race is Oduduwa. Fact undisputed! It also known that Oduduwa had only one child, Okanbi. Fact Unchallenged! Furthermore, It is universally agreed that Okanbi had seven children, Fact Unc...

Who's The Mayoress Princess Samiat Abolanle Bada

  Princess Samiat Abolanle Bada Princess Samiat Abolanle Bada was born into the blessed family of the late Alhaji Olatunji Raheem Bada and the late Chief Mrs. Afolakemi Bada (JP) in Odogbolu, Ogun State, on December 28th, 1973. She attended Muslim Primary School in Odogbolu, followed by Odogbolu Grammar School, and completed her education at Ajao Estate High School in Anthony Village, Lagos. She pursued her diploma in Marketing at Ogun State University, now Olabisi Onabanjo University, and later earned her B.Sc. honors in Geography and Planning from Lagos State University, Ojo. Additionally, she obtained a PGD in Social Work in 2012/2013 and later pursued a Master's in Social Work in 2017/2018. After a brief stint at the Town Planning Office in Kosofe Local Government, she enrolled at Gateway Catering Institute. Her business acumen enabled her to excel in catering and hotel management, leading her to establish Predema Catering and Boutique Services. Driven by her passion for poli...