The lawmaker representing Edo North senatorial district, Senator Adams Oshiomhole, has called for stricter regulation and oversight of financial institutions operating outside the traditional banking system, urging the National Assembly to block loopholes exploited by cybercriminals.
Naijaonpoint reports that Oshiomhole made the call on Thursday during plenary while contributing to a debate on a bill seeking to amend the Banks and Other Financial Institutions Act.
The amendment aims to strengthen supervision, registration, and designation of systemically important institutions, including non-bank fintech platforms.
Citing personal experience, Oshiomhole said his bank account was recently compromised, and the perpetrators used only non-traditional financial platforms for the illicit transfers.
“When they hacked into my account, I found that all the institutions used were OPAY and Moniepoint; none of the registered banks were used,” he said.
He lamented the lack of physical presence or identifiable directors for many of these platforms, saying, “They don’t have a branch in Abuja. They don’t employ labour. They bear no social responsibility.”
The former Edo State governor said while the legislation is commendable, the red chamber must scrutinise it closely to ensure no gaps remain.
Oshiomhole stated, “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.
“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 Moniepoint.”
Oshiomhole stressed that while the Central Bank of Nigeria may issue guidelines, only laws enacted by the National Assembly carry binding legal weight.
He said, “So, I think we should support it. 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.”
The bill, sponsored by Senator Tokunbo Abiru (APC, Lagos East), passed second reading after the debate.
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