National Assembly To Begin NDIC Act Amendment

The Chairman, House of Representatives Committee on Insurance and Actuarial Matters, Darlington Nwokocha, has stated that the committee’s is ready with the amendment to the Nigeria Deposit Insurance Corporation (NDIC) Bill in order to maintain a sustainable banking sector and enhance deposit insurance system in Nigeria.

Nwokocha, made the pledge during the 2021 NDIC retreat for the house committee where they deliberate on, “Strengthening Nigeria’s Financial Safety-Net: The Role of Deposit Insurance,” in Lagos yesterday.

Nwokocha noted that the NDIC bill, which is almost getting to the third reading would highly synergies with what NDIC is doing to drive the economy to a great height.

He said: “The theme, strengthening Nigeria’s financial safety net: the role of deposit insurance is very key at this moment because when we are talking about strengthening, there are too many elements, indices and factors that must come together to guarantee such strengthening. And one of the machinery to drive that process would come from the legislature and that is why we are calling and saying that NDIC act which we have presently, we are ready to strengthen the NDIC more by amending that act.”

On his part, the Managing Director, NDIC, Mr. Bello Hassan said: “With the ever-changing landscape of the financial environment impacted by new developments and policies, emerging technologies, payment systems and financial services, the Corporation must continue to address the gaps and inherent challenges that threatens the effective implementation of its Mandate.

“Therefore, we remain resolutely committed to strengthening the deposit insurance framework; providing timely support to insured institutions as and when required; implementing faster and orderly resolutions of problem insured institutions and assisting the monetary authority in its efforts at promoting stability in the nation’s banking system.”

In her welcome address, the NDIC Board Chairman, Ms Ronke Sokefun added: “The theme of todays’ Retreat, is unarguably topical in the light of the fast-paced developments in the nation’s financial system; first transformed with the influx of Fintech in traditional banking space, and later with the lingering effects of the COVID-19 pandemic.“