Adams Oshiomhole, the senator representing Edo North, has called for stronger regulatory oversight of financial institutions operating outside Nigeria’s traditional banking framework, warning that gaps in supervision are enabling illicit transactions and exposing citizens to fraud.
Oshiomhole made the remarks on Thursday, December 4, 2025, during debate on a bill seeking to amend the Banks and Other Financial Institutions Act.
The proposed amendment aims to introduce designation, registration and enhanced monitoring of systemically important financial institutions, including fast-growing digital payment platforms.
The senator urged his colleagues to support the legislation but also to scrutinise it thoroughly to ensure “all possible loopholes are blocked”.
He cited a personal experience with cyber fraud as evidence of how non-bank financial operators are being used for illegal activity.
“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.
“And when I asked, I’m told that’s it. They don’t have a branch in Abuja. They don’t employ labour. They bear no social responsibility.”
Oshiomhole argued that while digital financial platforms have become major players in Nigeria’s economy, their operations must meet regulatory and governance standards comparable to those of conventional banks.
“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 Moneypoint,” he said.
“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.”
He added that government has a responsibility to protect citizens “in every ramification”, noting that legislation passed by the National Assembly carries enforceable authority, unlike regulations issued solely by the Central Bank of Nigeria.
“So, I think we should support it,” he said.
“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 Tokunbo Abiru, the senator representing Lagos East, was passed for second reading following the debate.
It will now proceed to committee stage for further consideration and review.