CIBN Seeks Passage of Financial Ombudsman Bill

The Chartered Institute of Bankers of Nigeria has called on the National Assembly to speed up the legislative process on the financial ombudsman bill in order to ensure its speedy passage.

Dr Uju Ogunbunka, registrar, CIBN, stated this while speaking in an interview at the sidelines of the first National Seminar on banking, finance and alleged matters for legislators.

The seminar, with theme ‘The legislature and the banking and finance sector partnering for Nigeria’s economic growth and development’ was organized by the CIBN.

He listed other bills currently pending at the National Assembly to include the financial sector strategy bill, and the dud cheque act which is yet to be reviewed by the lawmakers.

Ogunbunka said since banking business is a global affair, there is need to carry out legislation on issues affecting it in a fast and efficient manner.

He said, “We are here to discuss common issues that will help to ensure that when bills are sent to the National Assembly they will be fast tracked knowing that other countries are not waiting for us.

“This is also necessary for us to bear in mind that we need to look beyond our immediate environment knowing that Nigeria is a global player.

“Banks in Nigeria and other financial institutions are global players and they are not restricted to domestic issues and there is need to take care of other things that we will be empowering ourselves to play in the larger economy.

“There are some bills that are pending in the National Assembly. We have the financial ombudsman bill, we have the bill relating to the financial sector strategy 2020 that are still there,  we have the dud cheque act which is supposed to be reviewed.

“So we expect that some of these bills will be fast tracked to be able to empower Nigerians to be able to do what they are supposed to do.”

He said given the critical role that the legislature plays in the ongoing financial reforms; there is need to establish a sustainable relationship to address emerging and contemporary banking, finance and allied issues.

The CIBN boss said the conference became imperative in order to ensure that regulators, operators and lawmakers do not working cross purposes

Mr Rasaq Adeola, managing director/chief executive, Sterling Bank Plc, in a paper presented at the workshop urged the National Assembly to work closely with the ministry of finance to develop a robust set of tools that can be enshrined into law for the effective regulation and supervision of the financial services industry.