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Stakeholders canvass support for NDIC Act Amendment Bill 

Public and private sector stakeholders across the financial services industry havecanvassed support for the Nigeria Deposit Insurance Corporation (NDIC) Act 2006 Amendment Bill currently before the National Assembly with a view to strengthening the capacity of the Corporation to contribute more effectively andefficiently to the stability of the financial system.


At a public hearing organized by the Senate Committee on Banking,Insurance and Other Financial Institutions, the stakeholders were unanimous intheir submission that the current NDIC Act 2006 was due for amendment in view of the tremendous economic and technological changes that had taken place in the financial landscape since the enactment of the NDIC Act in 1988 and the last repeal and re-enactment in 2006.


In his presentation at the hearing, NDIC’s Managing Director/Chief Executive Officer, Bello Hassan said the repeal and re-enactment of the NDIC Act of 2006 was not only timely but necessary if the Deposit Insurance System in Nigeria was to be placed at par with those of other jurisdictions in compliance with best practice.


He commended the Chairman of the Senate committee on Banking, Insurance andOther Financial Institutions, Sen. Uba Sani for taken time to study the legal framework for Deposit Insurance in Nigeria, identified the gaps in the framework and decided on the need for the repeal and re-enactment of the extant legislation.


He also expressed gratitude to the leadership of the Senate and the entire senatorsfor working tirelessly to bring the Bill to the legislative stage of public hearing.


The sponsor of the Bill, Sen. Sani said, rapid changes in the global financialsystem had made it imperative to strengthen the powers of the NDIC through theamendment bill towards advancing the stability of the nation’s financial sector in linewith global best practice.


He assured that, inputs gathered through the publichearing and submissions already received from stakeholders would be givenserious consideration as the bill aims to make the NDIC autonomous andstrengthen its powers in the interest of the country.


The Senate President, Sen. Ahmed Lawan, who was represented by the Chairman, Senate Committee on Rules and Business, Sen. Sadiq Umar noted that the new realities to which the NDIC was exposed, underscored the need for theamendment.


He said, the Senate was interested in examining all sides relating tothe Act before its passage. The Central Bank Governor, Godwin Emefiele, represented by the Director, Legal Department, Kofo Salam-Alada said, the apex bank did not have any hesitation tothe passage of the bill, having taken a critical look at the document.



Photo: NDIC MD/CE, Bello Hassan (middle), flanked by rep of CBN Governor and Director, Legal Department, Kofo Salam-Alada (left) and NDIC Executive Director(Corporate Services) Emily Osuji (right) while granting media interview at the endof Public Hearing on the NDIC Act 2006 Amendment Bill organised by the Senate Committee on Banking, Insurance and Other Financial Institutions, in Abuja 


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