The trio spoke at the Senate during a public hearing on the National Development Bank of Nigeria (Establishment etc) Bill 2016. Olagunju said the dissolution of the 57-year-old institution would not augur well for the country’s financial sector. “BOI is not oppose to the establishment of Development Financial Institutions (DFIs) in Nigeria… But BOI is a brand that commands domestic and international confidence. It is not going to be in the best interest of the country for us to dissolve an institution that we have built over the years. It is not good to leave known for unknown,” he said. On her part, Adeosun, represented by Christopher Gabriel, said the establishment of NDB was capable of transforming the country’s SMEs. Also, Emefiele who was represented by the Deputy Governor of the Bank in charge of Financial System Stability, Dr. Okwu Nnanna, supported Adeosun’s position, saying “We have no objection, in fact the CBN will welcome it.” He however stressed the need for proper capitalisation of the bank when established, adding that, “without capitalisation, we will not make progress. As far as we are concerned, the more, the merrier.” Declaring open the public hearing, the Senate President, Bukola Saraki, said the Senate has remained unflinchingly committed to using substantial legislative time and energy towards economic reforms with major focus on reducing the cost of doing business in Nigeria as well as boosting enterprise development. “The National Development Bank of Nigeria (Establishment bill) is one of those bills we have identified as crucial in expanding the access to finance opportunity for our people and promoting long-term borrowing that is less fragile,” he said. In his remark, the chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Senator Rafiu Ibrahim (APC, Kwara) said the Senate was working towards establishing a robust financial institution to stimulate the country’s economy. ]]>
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