Adams Oshiomhole, senator representing Edo north, says the national assembly must tighten oversight of financial institutions operating outside the traditional banking system.
Oshiomhole spoke on Thursday while contributing to debate
during the plenary on a bill seeking to amend the Banks and Other Financial
Institutions Act to provide for the designation, registration and enhanced
supervision of systemically important institutions.
Oshiomhole said the red chamber should not only support the
legislation but also examine it closely to ensure that “all possible loopholes
are blocked”.
He said his personal experience with cyber fraud shows how
non-traditional financial platforms are being used for illicit transactions.
“When they hacked into my account, I found that all the
institutions used were OPAY and Moneypoint; none of the registered banks were
used,” he said.
“And when I asked, I’m told that’s it. They don’t have a
branch in Abuja. They don’t employ labour. They bear no social responsibility.”
The lawmaker said the provisions of the bill will help
ensure that technology-driven financial institutions meet basic regulatory and
operational standards.
“For example, I know all the directors of First Bank, of
Access Bank, of Zenith Bank. I don’t know the directors of OPAY. I don’t know
the directors of Moneypoint,” he said.
“These are visible players in our economy, playing such an
important role. And the day they go under, the political authority will be left
with the burden of providing for Nigerians who have been duped.”
He said the government holds a duty to protect citizens “in
every ramification”.
Oshiomhole added that laws enacted by the national assembly
carry enforceable weight, unlike regulations issued by the Central Bank of
Nigeria (CBN).
“So, I think we should support it,” the former Edo state
governor said.
“And I would encourage you to do a more detailed line
inquiry to ensure that all the loopholes are captured, including the owners of
these banks.”
At the end of the debate, the bill, sponsored by Tokunbo
Abiru, senator representing Lagos east, passed the second reading.
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