The Senate at plenary passed a bill to strengthen the capacity of the Nigeria Deposit Insurance Corporation (NDIC) to safeguard depositors’ funds and strengthen financial institutions in Nigeria.
This followed the adoption of report of the Senate Committee on Banking, Insurance and Other Financial Institutions on the bill titled, “Nigeria Deposit Insurance Corporation Act 2023.
Senator Abiru while presenting the report said the bill would make the NDIC, more effective, safeguard its independence and autonomy and bring it in line with current realities and best practices.
He said the bill consolidates the power of the President to appoint the Chairman and members of the board of the NDIC while the Central Bank of Nigeria which hitherto recommends the appointees, would now concentrate on supervising the corporation.
According to him, the NDIC based on the new act will focus on the examination of the banks.
He said the Nigerian Deposit Insurance Corporation (Amendment) Bill, 2024, is thus a critical piece of legislation aimed at strengthening the Nigerian financial system.
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