By Raphael Ekpang

The senate committee on Banking, Insurance and other Financial Institutions has on Wednesday commended the activities of the Central Bank of Nigeria, CBN; Nigeria Deposit Insurance Corporation, NDIC; Nigeria Export-Import Bank, NEXIM.

The committee chairman, senate Uba Sani made this known during an interaction session with the financial institutions at the national assembly, Abuja.

According to him, the essence of their interaction with the agencies that are directly under their committee was the fact that they have the responsibility of oversight function over them. He noted that the financial institutions that had interaction with them on Wednesday did well by explaining to their satisfaction what they needed to know from them and the areas of synergy between them to move the financial sector forward to the benefit of the masses.


Consequently the CBN has reassured the National Assembly that the apex bank will work with its committee on Banking, Insurance and other Financial Institutions for the development of not only the financial system, but the entire Nigerian economy.

Governor of CBN, Godwin Emefiele applauded the chairman of the committee, Senator Uba Sani and the entire members for extending a hand of fellowship to the banking and insurance sector.

“We note with your comment that we have a shared and joint responsibility to perform our roles to the extent that we should be seen to be agents that will positively catalyse our economy and also see to the stabilization of our economy.

“You were very clear in saying that we are partners in progress, in the sense that we have a shared and joint responsibility to work together towards seeing to the development of the banking and insurance system in Nigeria, indeed the financial.

“Because this committee, being the oversight committee looking at banking and insurance, you are effectively looking at the entire financial system because the banking and insurance sector in the financial system constitute close to 85 per cent of the entire stakeholders in the financial system in Nigeria,” he concluded.

On his part, the Managing Director of NDIC, Umaru Ibrahim said he was pleased to honoured the invitation extended to them by the senate, stressing that that has offer them the opportunity to interact with members of the committee with the view to understanding each other for a better working relationship that will help in building the nation financial institutions.

According to him the committee understood and appreciated the role of NDIC and the challenges ahead of them and as well as how they are poise in tackling those challenges.

Also the managing director of NEXIM, Abba Bello identified the major problem of exporters as the non-availability of funds, adding that banks are usually reluctant to finance export transactions particularly at the pre-shipment stage because of the higher risk of default involved.

“We will make your work in the committee easy. It seems we have shared and joint responsibility to see to the development of not just the financial system, but also of the Nigerian economy generally” he said.

Meanwhile, he commended the committee for willingness to synergize with them to move their sector forward.



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