February 4, 2023



Stakeholders canvass help for NDIC ACT Modification Invoice

Private and non-private sector stakeholders throughout the monetary companies business have canvassed help for the Nigeria Deposit Insurance coverage Company (NDIC) Act 2006 Modification Invoice at the moment earlier than the Nationwide Meeting with a view to strengthening the capability of the Company to contribute extra successfully and effectively to the steadiness of the monetary system.

At a public listening to organised Thursday by the Senate Committee on Banking, Insurance coverage and Different Monetary Establishments, the stakeholders have been unanimous of their submission that the present NDIC Act 2006 was due for modification in view of the large financial and technological adjustments that had taken place within the monetary panorama because the enactment of the NDIC Act in 1988 and the final repeal and re-enactment in 2006.

Based on a press release by the Director, Communication & Public Affairs Division, Bashir A. Nuhu, NDIC’s Managing Director/Chief Govt Officer, Bello Hassan, in his presentation on the listening to, mentioned the repeal and re-enactment of the NDIC Act of 2006 was not solely well timed however crucial if the Deposit Insurance coverage System in Nigeria was to be positioned at par with these of different jurisdictions in compliance with greatest observe.

He counseled the Chairman of the Senate committee on Banking, Insurance coverage and Different Monetary Establishments, Sen. Uba Sani for taken time to check the authorized framework for Deposit Insurance coverage in Nigeria, recognized the gaps within the framework and selected the necessity for the repeal and re-enactment of the extant laws.  

The assertion mentioned the sponsor of the Invoice, Sen. Uba Sani mentioned, fast adjustments within the international monetary system had made it crucial to strengthen the powers of the NDIC by means of the modification invoice in the direction of advancing the steadiness of the nation’s monetary sector consistent with international greatest observe. He assured that, inputs gathered by means of the general public listening to and submissions already acquired from stakeholders can be given severe consideration because the invoice goals to make the NDIC autonomous and strengthen its powers within the curiosity of the nation.

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The Senate President, Sen. Ahmed Lawan, who was represented by the Chairman, Senate Committee on Guidelines and Enterprise Sen. Sadiq Umar famous that the brand new realities to which the NDIC was uncovered, underscored the necessity for the modification. He mentioned, the Senate was all in favour of inspecting all sides referring to the Act earlier than its passage.

The Central Financial institution Governor, Godwin Emefiele, represented by the Director, Authorized Division, Kofo Salam-Alada mentioned, the Apex financial institution didn’t have any hesitation to the passage of the invoice, having taken a important have a look at the doc.

Stakeholders who lent voice in help of passage of the invoice included the Nigerian Monetary Intelligence Unit (NFIU), Nationwide Insurance coverage Fee (NAICOM), Affiliation of Nationwide Accountants of Nigeria (ANAN), Company Affairs Fee (CAC), amongst others.