Connect with us

    Hi, what are you looking for?

    E-Financial

    Senate Begins BOFIA Amendment, Probes Ponzi Schemes After CBEX Collapse

    Nigerian Senate has launched a public hearing to amend the Banks and Other Financial Institutions Act (BOFIA) 2020 while investigating rampant ponzi schemes, spotlighting the Crypto Bridge Exchange (CBEX) collapse that defrauded 1,200 victims of ₦1.3 trillion.

    Senate President Godswill Akpabio, represented by Senate Leader Opeyemi Bamidele, opened Tuesday’s session jointly organised by committees on Banking, ICT/Cybersecurity, Capital Market, and Anti-Corruption. The bill (SB959) aims to bolster Central Bank of Nigeria (CBN) oversight of fintechs and systemically important digital institutions without creating a duplicate regulator.

    Akpabio stressed: “Enhanced supervision is not a constraint on growth; it is a safeguard for sustainable growth,” rejecting a standalone fintech commission to avoid fragmented oversight. Crypto licensing falls under SEC, but transaction stability remains CBN’s domain.

    Senate Banking Committee Chairman Mukhail Abiru highlighted a national registry for transparency and risk-based fintech supervision, backed by CBN Deputy Governor Philip Ikeazor, who noted some fintechs rival mid-sized banks in volume.

    The probe targets regulatory gaps exposed by CBEX’s unrealistic returns amid economic hardship. EFCC’s Dein Whyte reported asset seizures from operators, with forfeiture proceedings underway.

    CBN’s Orekia Opemi-Yusuf warned separate regulators could stunt Nigeria’s expanding fintech sector, while FCCPC’s Ondaje Ijagwu urged clear lines between prudential rules and consumer protection. The reforms seek to restore trust in a digital economy battered by fraud.

    Loading

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    News

    National Information Technology Development Agency (NITDA) has formally taken over the Nigeria Government Enterprise Architecture (NGEA) Portal, in a major step toward unifying and...

    News

    The world’s internet population has grown by more than 240 million people in 2025, bringing the total number of users to six billion, according...

    News

    National Centre for the Control of Small Arms and Light Weapons (NCCSLAW) on Friday destroyed over 2,800 illicit firearms in its fifth arms destruction...

    News

    Nigerian Content Development and Monitoring Board (NCDMB) has been named a Local Content Partner at African Energy Week (AEW) 2026, in a move that...