Senator Adams Oshiomhole (APC, Edo North) has called for stricter regulation and closer scrutiny of financial institutions operating outside Nigeria’s conventional banking system.
Oshiomhole made the call on Thursday during plenary while contributing to debate on a bill seeking to amend the Banks and Other Financial Institutions Act (BOFIA) to provide for the designation, registration and enhanced supervision of systemically important institutions.
The former Edo State governor urged the Senate to not only support the bill but carefully interrogate its provisions to ensure that loopholes are eliminated.
He said his personal encounter with cyber fraud reinforced the need for stronger oversight of emerging financial platforms.
“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 was told this is it. They don’t have a branch in Abuja. They don’t employ labour. They bear no social responsibility.”
Oshiomhole argued that although technology-driven financial service providers play a growing role in the economy, many operate without fulfilling basic regulatory, operational or social obligations.
“For example, I know all the directors of First Bank, Access Bank, and Zenith Bank. I don’t know the directors of Opay or Moneypoint,” he said. “These are visible players in our economy. And the day they go under, political authorities will be left with the burden of providing for Nigerians who may have been duped.”
He said government has a responsibility to protect citizens from risks associated with unregulated financial operations.
Oshiomhole added that laws made by the National Assembly carry more enforceable weight than regulations issued by the Central Bank of Nigeria (CBN), insisting that the legislature must ensure comprehensive oversight.
“So, I think we should support it,” he said. “And I would encourage you to do a more detailed line inquiry to ensure that all loopholes are captured, including the ownership of these institutions.”
The bill, sponsored by Senator Tokunbo Abiru (APC, Lagos East), passed second reading after the debate.
