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Reps amend banking laws

Reps amend banking laws
The House of Representatives, the committee on banking and currency commenced a 2-day public hearing on four bills towards sanitizing the nations banking and other financial institutions.
The aim according to the Chairman of the committee, Hon, Jones Onyereri which was corroborated by the representative of the speaker at the hearing is to among other things, instill financial discipline in banking operations and to protect public deposits.
Some of the supporters of the bills further explained what informed the introduction of the bills and the need for updating obsolete penalties for most offenses in the nations banking laws.
The representative of the CBN, Johnson Akinkunmi while supporting the bill and the need for potent legislation in the banking sector, heaped blames on financial operators that flaunt financial laws.
The aim of the hearing is to ensure the strengthening of the nations banking and other financial institution to meet current realities and global best practices.
To this end, four banks and other financial institution bills which scaled through second reading in the house came up for a public hearing at the National Assembly. 
Report by Adeola Tomilola

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