Senate committee postpones public hearing on CBN, NDIC Acts amendment

The senate has suspended a scheduled public hearing on the proposed bills seeking to amend the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) Acts.

The committee on banking, insurance and other financial institutions made the announcement on Tuesday ahead of the hearing slated for Thursday.

On November 10, 2023, the house of representatives, passed for second reading, a bill to amend the CBN Act of 2004.

The bill was sponsored by Francis Waive, a lawmaker representing Ughelli north, south, and Udu federal constituency of Delta state.

According to Waive, the proposed amendment seeks to address several critical aspects of the act to enhance the effectiveness, transparency, and accountability of the apex bank and its operations.

On February 27, the bill to amend the CBN Act passed a second reading in the senate, while on February 29, the bill for an Act to amend the NDIC Act passed a second reading.

The senate referred both bills to the committee on banking, insurance and other financial institutions for further legislative action.

Both bills were sponsored by Mukhail Abiru, chairman of the committee and co-sponsored by 41 members of the committee.

However, the bills which were scheduled for public hearing on May 30, were postponed.

Tinuke Ogunrinde, the clerk of the committee, said the public hearing was postponed due to conflicting schedules and a clash of national events in commemoration of the first year anniversary of President Bola Tinubu’s administration.

“On the sideline of the May 29 commemoration, the President and the commander-in-chief of the Armed Forces, President Bola Ahmed Tinubu, GCFR, will be hosted by the National Assembly on  Wednesday 29th May 2024,” Ogunride said.

“In  addition, the honourable minister of finance and the coordinating minister of the economy, Mr. Olawale Edun, governor, Central Bank of Nigeria, Mr Olayemi Cardoso, among other key stakeholders who are expected to make presentations on the critical bills will be engaged with the President who would be commissioning several projects all over the country during this period.” 

Ogunrinde, therefore, said the hearing has been postponed till further notice.