Senator Adams Oshiomhole, representing Edo North, has called on the National Assembly to strengthen oversight of financial institutions operating beyond the traditional banking sector.
He made the remarks on Thursday while contributing to the plenary debate on a bill aimed at amending the Banks and Other Financial Institutions Act to provide for the designation, registration, and enhanced supervision of systemically important institutions.
Oshiomhole urged the red chamber not only to back the legislation but also to scrutinize it carefully to ensure “all possible loopholes are blocked.”
He cited his personal experience with cyber fraud, noting how non-traditional financial platforms are increasingly being exploited for illicit transactions.
“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’m told that’s it. They don’t have a branch in Abuja. They don’t employ labour. They bear no social responsibility.”
The lawmaker said the bill’s provisions would help ensure that technology-driven financial institutions comply with essential regulatory and operational standards.
“For example, I know all the directors of First Bank, of Access Bank, of Zenith Bank. I don’t know the directors of OPAY. I don’t know the directors of Moneypoint,” he said.
“These are visible players in our economy, playing such an important role. And the day they go under, the political authority will be left with the burden of providing for Nigerians who have been duped.”
He stressed that the government has a duty to protect citizens “in every ramification.”
Oshiomhole added that laws passed by the National Assembly carry enforceable authority, unlike regulations issued by the Central Bank of Nigeria.
“So, I think we should support it,” the former Edo state governor said.
“And I would encourage you to do a more detailed line inquiry to ensure that all the loopholes are captured, including the owners of these banks.”
At the close of the debate, the bill—sponsored by Senator Tokunbo Abiru of Lagos East—passed its second reading.
