Hope abounds for banks and commercial institutions facing financial distress as the Senate yesterday passed third reading a Bill seeking to revive banks at the point of becoming insolvent.
This was sequel to a report on Bankruptcy and Insolvency Act (Repeal and Re-enactment) Bill 2016 presented before it by Chairman, Senate Committee on Banking, Insurance and other Financial Institutions by Senator Rafiu Ibrahim (APC Kwara South).
The piece of legislation awaiting concurrence by the House of Representatives, when finally forwarded to the President for assent, would revive ailing businesses, give a lifeline to insolvent businesses and boost the economy of the country.
Senator Rafiu at a press briefing after the passage, said the insolvency law will help “to rescue insolvent banks, and help to reestablish businesses”.
The lawmaker also explained that the law will discourage dishonesty and sharp practices in doing business in Nigeria.
“If businesses that are insolvent can still be revived through this law, there will be no need for sharp practices by banks and businesses”, he said.
The Senate also presented key bills: the Nigerian Oil and Gas Industry Content Bill, 2016, Nigerian Prisons and Correctional Services Bill, 2016 and 8 other Bills at his plenary yesterday.
The post Senate set to revive insolvent banks with fresh Banking and Insolvency Bill appeared first on The Whistle.
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