BOFIA: House Inaugurates Adhoc Committee

ABUJA, April 17, (THEWILL) - The House of Representatives, Wednesday, inaugurated a 10-member ad hoc committee to take a further look at the Banking and Other Financial Institutions Act ( BOFIA) proposed amendment in order to fast-track the consideration of the report on the bill before the House .

Deputy Speaker, Hon. Emeka Ihedioha, who announced the constitution of the committee headed by the deputy leader, Hon. Leo Ogor , said the committee has only three weeks to submit its report.

Other members of the committee include the sponsor of the bill, Hon. Betty Apiafi; Chairman, Rules and Business Committee, Hon. Albert Sam-Tsokwa; Chairman, Committee on Justice, Hon. Ali Ahmed; Chairman, Committee on Banking and Currency, Hon. Jones Onyeriri and Chairman, Committee on Works, Hon. Ogbuefi Ozomgbachi.

Others are Hon. Abubakar Momoh, Haruna Adamu, Frank Enokorowa and Rafequat Onabamiro.

Justifying the inauguration of the committee, the deputy speaker said even during the consideration of the report on the bill, there were issues being raised by members, hence the only way to avoid further disagreement was to commit it to a committee to resolve the knotty areas.

According to him, the House will do its work devoid of any outside interest. "It is necessary to commit the bill to the ad hoc committee and we demand that the committee takes its work seriously," Ihedioha said.

During the consideration of the bill on Wednesday, Clauses 2,3 and 4 of the bill were treated and passed by members. Clause 1 which deals with Functions, Powers and Duties of the Central Bank of Nigeria, had earlier been considered before the House went on Easter break.

Clause 2 deals with Banking Business, while clauses 3 is on Investment and Release of a prescribed Minimum Share Capital. Clause 4 deals with Power to revoke or Vary Conditions of License.

The lawmakers stopped halfway through the consideration of clause 5 after agreeing that " Any person who, being a director, manager or officer of a bank fails to take reasonable steps to secure compliance with any of the conditions of the license of the bank is guilty of an offence and liable on conviction to a fine of at least N1,000,000 (One million Naira) and a minimum of two years jail term."