The senate has reassured Nigerians of its commitment in considering critical legislations to ensure stability, integrity and resilience of the Nigeria’s financial system
The senate president Godswil Akpabio gave the assurance while declaring open a one day public hearing on the bill for an act to amend the Banks and Other Financial Institutions Act 2020 and the motion mandating an investigative hearing into the
operations of Ponzi schemes in Nigeria, with particular reference to the recent crypto bullion exchange incident.
The senate president represented by the leader senator Micheal Bamidele explained that both matters strike at the very core of financial system stability and consumer protection, regulatory effectiveness, and public confidence in our
economic institutions.
He reminded Nigerians that , the financial system remains the backbone of any modern economy.
It mobilizes savings, allocates credit, facilitates payments, and of course supports entrepreneurship
and drives economic growth.
Welcoming the stakholders the chairman senate committee on Banking and other financial institution senator Adetokumbo Abiru argued that when effectively regulated and supervised, it strengthens national development, saying over the past decade, Nigeria’s financial ecosystem has evolved significantly.
Speaking on the second motion which talked about Ponzi scheme in Africa and particularly Nigeria, Senator Adetokumbo explained that these are fraudulent digital investment platforms which
Over the years, countless Nigerians are falling victim to schemes promising unrealistic returns,
He said these platforms exploit economic archery, limited financial literacy, and aggressive social media marketing, sighting the recent CBEX incident as a painful reminder of the human and digital world.
Senator Abiru further said reports indicate that young professionals, retirees, traders, small business
owners and students have suffered substantial financial losses as a result of such Ponzi schemes
He said to address these challenges requires collaboration
across government regulators, industry and technology platforms, and of course, civil societies.
He assured that all inputs would be properly utilised to ensure adequate legislation is made to tackle the challenges in the financial sector of the economy.
Cov/ Bashir M
