Senate Committee Engages Stakeholders to Strengthen Finance

The Senate Committee on Banking, Insurance and Other Financial Institutions intensified efforts to enhance Nigeria’s financial system by hosting an expanded stakeholders’ engagement in Lagos. This event included key financial sector regulators such as the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Asset Management Corporation of Nigeria (AMCON), National Insurance Commission (NAICOM), and Nigeria Export-Import Bank (NEXIM).

Senator Mukhail Adetokunbo Abiru, Chairman of the Senate Committee, represented by Senator Osita Izunaso, reaffirmed the Senate’s commitment to legislative reforms and collaboration with financial regulators. Abiru highlighted the importance of the financial sector in driving investment and macroeconomic stability, addressing issues like inflation, cybersecurity threats, and low insurance penetration.

The engagement's theme, ‘Strengthening Financial System Architecture for Sustainable Economic Growth and Stability in Nigeria,’ aimed to foster discussions and develop solutions to financial sector challenges. Mr. Olusegun Ayo Omosehin, Commissioner for Insurance and CEO of NAICOM, praised the Senate committee's initiatives, particularly the NIIRA 2025, which has stabilized the insurance sector.