Senate Committee Enhances Nigeria's Financial System

The Senate Committee on Banking, Insurance and Other Financial Institutions, chaired by Senator Mukhail Adetokunbo Abiru, convened an expanded stakeholders’ engagement in Lagos on Friday to strengthen Nigeria’s financial system. The meeting included representatives from 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 Abiru emphasized the need for stronger collaboration between policymakers and financial regulators to navigate inflation, global economic uncertainty, and cybersecurity risks. The engagement, themed “Strengthening Financial System Architecture for Sustainable Economic Growth and Stability in Nigeria,” aimed to develop measures to enhance the financial system's resilience.

Mr. Olusegun Ayo Omosehin, CEO of NAICOM, noted that the NIIRA 2025, backed by Senator Abiru, has helped stabilize the insurance industry, with 43 companies successfully recapitalizing.

The committee's legislative support was praised by representatives from various financial institutions, highlighting the need for regulatory coordination.