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.

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