By Bilesanmi Abayomi
Senator Mukhail Adetokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, reaffirmed the 10th Senate’s dedication to a thorough overhaul of regulations shaping Nigeria’s financial landscape. Speaking at the 60th Anniversary celebration of the Chartered Institute of Bankers of Nigeria (CIBN) and the 58th Annual Bankers Dinner in Lagos, Senator Abiru emphasized the critical role of the banking industry and pledged to nurture its growth, resilience, and sustainability.
“As a partner in progress, our committee is committed to fostering an environment that allows our financial ecosystem to thrive, protecting the interests of all stakeholders,” stated Senator Abiru, a retired bank chief executive and alumnus of CIBN. Acknowledging the challenges facing the financial ecosystem, he highlighted the committee’s resolve to drive reforms fortifying its foundations.
Senator Abiru outlined the evolving financial landscape, driven by technological advancements and global economic shifts, underscoring the imperative for banking institutions to adapt. He revealed the committee’s active engagement in a comprehensive review of existing regulations, collaborating with industry experts, stakeholders, and regulatory bodies to ensure a robust and flexible legal framework.
Moreover, the committee aims to promote financial inclusion initiatives, working towards bringing more Nigerians into the formal financial sector. Senator Abiru expressed the belief that a financially inclusive society strengthens national prosperity and outlined the committee’s dedication to fostering an environment encouraging innovation, competition, and inclusivity.
Recognizing the Chartered Institute of Bankers of Nigeria as a beacon of excellence, Senator Abiru commended its six-decade-long commitment to upholding the highest standards of integrity and competence among banking professionals.
The event featured insights from the Minister of Finance and Coordinating Minister for the Economy, Mr. Olawale Edun, and the Governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso, who discussed the economic, fiscal, and monetary plans of the Federal Government under the leadership of President Bola Ahmed Tinubu, GCFR. Bank chief executives, financial experts, top government functionaries, and stakeholders attended the grand finale, marking a significant moment in the financial sector’s ongoing dialogue on progress and innovation.