By DAYO ADESULU
House of Representatives Summons CBN Governor and Bank CEOs
The Nigerian House of Representatives on Wednesday resolved to summon the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, along with the Chief Executive Officers (CEOs) of commercial banks, to address the growing challenges posed by the lack of documentation for Point of Sale (POS) users nationwide.
This resolution followed a motion sponsored by John Okafor, the lawmaker representing Ehime/Mbano/Uboma/Obowo Federal Constituency, during the House plenary.
The Risks of Undocumented POS Transactions
Okafor highlighted the increasing fraudulent activities associated with undocumented POS transactions in Nigeria, including identity theft, money laundering, and unauthorized financial activities.
He stated, “By enforcing user documentation, we can reduce fraud significantly and enhance the security of financial transactions across the country.”
The legislator emphasized the importance of accountability and transparency in POS transactions, urging regulatory bodies to align with international financial standards such as anti-money laundering (AML) and Know Your Customer (KYC) regulations.
House Accuses Regulators of Bias and Weak Enforcement
In a direct critique of the apex bank, Okafor accused regulatory authorities of bias and weak enforcement in addressing the issues. He called for immediate intervention to protect Nigerians from fraudsters exploiting loopholes in the POS system.
Okafor proposed the establishment of a comprehensive documentation system for POS users, which he said would:
- Foster transparency and accountability.
- Reduce fraudulent activities.
- Align Nigeria’s financial system with global compliance standards.
House Committees to Take Swift Action
Following overwhelming support from the House, Speaker Tajudeen Abbas mandated relevant committees to summon the CBN Governor and bank executives for discussions. These committees, including Digital and Electronic Banking, Finance, Banking Regulations, and Financial Crimes, are expected to submit their findings within four weeks.
