The Nigerian Senate, through its committee on banking, insurance and other financial Institutions has disclosed its readiness to comprehensively review extant laws in the financial services sector for economic sustainability and growth.

This was disclosed at a two-day sensitisation retreat organised for members of the Senate Committee on Banking, Insurance and other Financial Institutions recently in Abuja.

The Chairman of the committee, Senator Mukhail Adetokunbo Abiru, representing Lagos East, said the retreat was aimed at equipping members with the necessary understanding of core mandates of the committee and also enhance the legislative framework and oversight of the financial sector.

In a statement by the Special Adviser to Senator Abiru on Media and Publicity,, Enitan Olukotun, industry leaders and top experts in the financial and allied sectors were invited to share insights and knowledge, and also provide information that would make their oversight function on the financial services sector more robust and impactful.

Speaking on importance of the retreat, Abiru in his remarks noted: “The financial sector is the lifeblood of any economy, and it is our responsibility to ensure that it functions effectively, efficiently, and with the utmost integrity. As we gather here today, we are confronted with a rapidly changing financial landscape, driven by technological advancements, changing consumer expectations, and evolving global dynamics. It is our duty to adapt and respond to these challenges in a manner that fosters innovation, promotes financial inclusion, and maintains the highest standards of transparency and accountability.

Speaking further, he added, “Over the duration of the 10th Senate, it is imperative that we work together on this journey to build a financial service industry that will not only bring prosperity to all Nigerians, but also be the pride of Africa. As we embark on this legislative journey, it is essential that we recognise the critical role our committee plays in shaping the economic landscape of our nation. While it is a fact that our economy today is facing serious challenges, our decisions and actions have far-reaching consequences that will impact the lives of our citizens, the stability of our financial markets, and the overall prosperity of our country.

“In an ever-evolving financial landscape, our committee’s responsibilities have never been more significant. From safeguarding consumers’ financial rights to fostering innovation in the financial sector, and from promoting sound banking practices to ensuring the resilience of our insurance systems, we hold the key to ensuring that our financial institutions operate with integrity, transparency, accountability, and at par with international standards.”

Founder and Chief Consultant of B. Adedipe Associates Limited, Biodun Adedipe, was the lead faculty at the retreat.

The renowned financial and management expert shared industry insights and economic data on the nation’s financial services sector and offered advice on how the Nigerian Senate can collaborate with the Federal Government, particularly the relevant agencies of the government on how to stabilise the economy.

A former CBN Director of Banking Supervision and former Managing Director/Chief Executive Officer of the Nigeria Deposit Insurance Corporation (NDIC), Ganiyu Ogunleye, also shared his thoughts on how the committee can further deepen its oversight on the financial services sector for the overall economic development and growth of the nation.

At the retreat, many obsolete laws governing the financial services sector were identified, and the lawmakers resolved to review them in tandem with current realities and trends in the ever-dynamic financial services sector.

The members of the committee also commended Abiru for organising the first of its kind knowledge sharing sensitisation retreat for the senate standing committee.

Other committee members at the retreat include, Vice Chairman of the committee, Senator Adamu Lawal, Senator Orji Uzor Kalu, Senator Adamu Aliero, Senator Aminu Waziri Tambuwal, Senator Sanni Bello Abubakar, Senator Sani Musa Mohammed, Senator Haruna Manu, Senator Jimoh Ibrahim, Senator Adeyemi Adaramodu.

Others are: Senator Lamido Ibrahim, Senator Mustapha Kabeeb, Senator Titus Zam Tartenger, Senator Tahir Muhammed Mungonu, Senator Onyekachi Peter Nwaebonyi, Senator Nasir Sani Zango Daura, Senator Idiat Adebule, Senator Asuquo Ekpeyong, Senator Babangida Hussaini Uba, Senator Danjuma Goje Muhammed, Senator Ifeanyi Patrick Uba, Senator Ibrahim Bomai and Senator Ibrahim Khalid Mustapha.