The amendment seeks to mandate banks and other financial institution in Nigeria to state in writing, all charges and fees accruing to any transactions in the banks. A bill for an Act to amend the Banks and other Financial Institutions Act has passed second reading in the House of Representatives.The amendment seeks to mandate banks and other financial institution in Nigeria to state in writing, all charges and fees accruing to any transactions in the banks.The bill which was sponsored by Rep. Jones Onyereri (Imo-PDP) also seeks to increase penalties to deter corporate and individual misconduct.Leading the debate, Onyereri said the bill seeks to amend the banking Act and to among other things, regulate banks and other financial institutions.The legislator said in line with the current economic realities, there was a need to deter incessant contravention of banking laws.
