Senate To FastTrack Passage Of NDIC Amendment Act

Yemisi Izuora 

The Senate president Ahmed Lawan, has given the assurance that the Senate would immediately commence fresh work to amend the Nigeria Deposit Insurance Corporation, NDIC Act 2006, as the work earlier done by the 8th Senate had lapsed with the expiration of that Assembly.

He promised that the 9th Senate would give the bill the accelerated consideration it deserved.

The president gave the assurance when management of the NDIC paid him a courtesy call in his office. 

During the visit, the managing director, MD, of the NDIC, Umaru Ibrahim, made a passionate appeal to the Senate to speed up the process for the passage of the NDIC amendment Act.

Ibrahim stated the resolve of the NDIC to work closely with the Senate leadership and the Senate Committee on Banking, Insurance and Other Financial Institutions to ensure a stable banking system which is critical to the stability of the nation’s financial system.

He recalled that in the past, the corporation had worked with the Senate on the Bill to Amend the NDIC Act 2006 through the holding of seminars, workshops and active participation in public hearings, stating that the Senate of the 8th Assembly was unable to pass the Bill unlike the Representatives which accorded the process the priority it deserved.

He appealed to the Senate, under its present leadership, to pass the Bill in earnest in view of its importance to the stability of the financial system.

The NDIC boss noted challenges facing the economy and observed that only a stable banking system could guarantee the sustainable growth of the economy. He added that the NDIC was working in partnership with the Central Bank of Nigeria (CBN), and other relevant stakeholders through effective supervision and prudential regulation of the banking system.

He enumerated the supervisory challenges facing the banking system in the last few years to include issues related to risk management, corporate governance, non-performing loans, and the need to for more efficient management of cyber security systems as well as consumer protection.

The NDIC boss reiterated the commitment of the corporation to the sustenance of excellent relationship with the Senate, particularly the senators who would be on the Senate Committee on Banking, Insurance and Other Financial Institutions, adding that the cordial working relationship was not only crucial to the passage of the amendment of the NDIC bill, but other important bills such as the Financial Ombudsman which was intended to provide a quasi-judicial framework for resolving disputes between banks and their customers.

While thanking the NDIC management for the visit, Lawan noted the importance of the Corporation as an institution that ensured the safety and soundness of the banking system in Nigeria through the protection of depositors and acknowledged that it had done quite well in the discharge of its mandate over the years.

He assured the that the Senate Committee on Banking, Insurance and Other Financial Institutions, when constituted, would work assiduously to ensure the protection of citizens against adverse activities in the banking sector.

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