The Senate Committee on Banking, Insurance and Other Financial Institutions has stepped up efforts to strengthen Nigeria’s financial system through an expanded stakeholders’ engagement with key regulators and financial experts.
The high-level meeting, held in Lagos over the weekend, brought together officials from the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Asset Management Corporation of Nigeria (AMCON), National Insurance Commission (NAICOM) and Nigeria Export-Import Bank (NEXIM), among other stakeholders.
Speaking at the engagement, Chairman of the Senate Committee, Senator Mukhail Adetokunbo Abiru (Lagos East), who was represented by Senator Osita Izunaso (Imo West), reaffirmed the Senate’s commitment to legislative reforms and closer collaboration with financial sector regulators.
Abiru said the Senate recognised the crucial role of the financial sector in promoting investment, creating jobs, supporting businesses and maintaining macroeconomic stability.
He noted that prevailing economic challenges required stronger cooperation among lawmakers, regulators and other stakeholders, particularly in tackling inflationary pressures, global economic uncertainties, cybersecurity threats, low insurance penetration and the need to diversify Nigeria’s export base.
According to him, “the effectiveness of monetary policy, the strength of our financial safety nets, the soundness of our banking institutions, the vibrancy of the insurance industry and the availability of export finance are all interdependent components of a stable and well-functioning financial architecture.”
Abiru said the theme of the engagement, ‘Strengthening Financial System Architecture for Sustainable Economic Growth and Stability in Nigeria’, underscored the importance of greater synergy across monetary policy, deposit insurance, asset recovery, insurance development, export financing, digital finance and financial regulation.
He explained that the expanded engagement was designed to facilitate frank discussions and develop practical solutions to challenges facing the financial sector.
“The Senate is committed to ensuring that our financial system is not only resilient but also responsive to the needs of our people and capable of supporting sustainable economic growth,” he said.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Ayo Omosehin, commended the committee for its interventions in the insurance industry.
Omosehin disclosed that the NIIRA 2025, sponsored by Senator Abiru and the committee, had contributed to stabilising the sector and repositioning insurance practice in line with global best practices.
“The NIIRA 2025 has helped in stabilising the sector and repositioning insurance practice in line with current best global practices,” he said.
According to Omosehin, 43 insurance companies had successfully recapitalised following the reforms introduced in the sector.
He also commended Abiru and members of the committee for the passage of the Insurance Regulatory Commission Bill, urging the House of Representatives to facilitate its timely passage and subsequent transmission to President Bola Tinubu for assent.
“We commend Senator Abiru and the committee for the passage of the Insurance Regulatory Commission Bill, and we appeal for its timely passage by the House of Representatives and subsequent assent by Mr. President,” he said.
Representatives of the CBN Governor and the Managing Directors of AMCON, NEXIM and NDIC also commended the Senate committee for its legislative oversight and support for the institutions.
They said the committee’s interventions had strengthened the capacity of the agencies to effectively discharge their respective mandates.
The engagement also featured policy presentations by financial and economic experts, including Professor Uche Uwaleke, President of the Capital Market Academics of Nigeria (CMAN); Professor Biodun Adedipe, Chief Consultant, B. Adedipe Associates Limited; and Dr Tilewa Adebajo, Chief Executive Officer of CFG Advisory.
The experts presented papers on major issues affecting Nigeria’s financial system, economic stability and prospects for sustainable growth.
Discussions focused on strengthening financial institutions, improving regulatory coordination, deepening financial inclusion, enhancing public confidence in the financial system and creating an environment capable of attracting investment and supporting businesses.
In his closing remarks, Abiru said the Senate would continue to collaborate with financial regulators and other stakeholders to strengthen Nigeria’s financial architecture.
He said the legislature remained committed to policies that would “deepen financial inclusion, strengthen public confidence in financial institutions, improve regulatory effectiveness and position Nigeria’s financial system to compete more effectively in the global economy.”
The engagement forms part of the Senate’s broader legislative oversight efforts aimed at ensuring that Nigeria’s financial institutions remain resilient, responsive and better positioned to support the country’s economic transformation agenda.
