The Federal House of Representatives is facing allegations of attempting to submerge the bill to repeal and re-enact the Banking and Other Financial Institutions Act (BOFIA).
Investigations have revealed the likelihood of a compromise involving key figures of the House, such that the seventh House of Representatives may not pass the bill, which is sponsored by Honourable Betty Apiafi,
In February when the amended BOFIA Act was to be considered at the Committee of the Whole House, the lower legislative chamber sent a copy to the CBN for the removal of certain controversial aspects. The CBN has since confirmed receiving the bill just before consideration but it has refuted allegations that money exchanged hands in the process.
The repeal and re-enactment of the bill is widely expected to improve regulatory regime and insulate depositors against losses from bank failures.
Titled An Act to Repeal the Banking and Other Financial Institutions Act, 2004 and to Re-enact the Banking and Other Financial Institutions Act, 2010, and for Matters Connected Therewith, the bill notably diminishes the powers of the Governor of CBN Governor and precludes directors from seeking loans in their bank of employment.
It would be recalled that Deputy Speaker, Emeka Ihedioha and Chairman of the House Committee on Banking and Currency, Mr Chukwudi Jones Onyereri prevented the consideration of the bill on the floor of the House in February. While Ihedioha always shies away from mentioning the bill whenever listed, the Rules and Business Committee complements him by listing the bill last on a few instances, such that it never made it to the plenary. Till date, the only three clauses in the bill that have been considered would not have been were it not for the intervention of an unsuspecting Speaker Aminu Tambuwal.
Faced with the allegations, Onyeleri’s response was denial, wondering why anyone would want to undermine of the best bills the country could ever have. He assured that the Committee of the Whole is working on the bill and the country will be satisfied with their final output.
Ugochukwu Okoroafor, CBN spokesman responded in similar tone, saying “Those who are insinuating that the CBN is stalling the BOFIA Amendment Act are mischievous. The bill is a public document and there are many copies flying around.”
