Abuja, Oct. 30, 2024 – The Senate on Wednesday passed the NDIC amendment bill to strengthen the corporation and safeguard depositors’ funds.
Its passage followed the adoption of the report of the Senate Committee on Banking, Insurance, and Other Financial Institutions.
The bill, titled “Nigeria Deposit Insurance Corporation Act 2023″, was sponsored by Sen. Adetokunbo Abiru (APC-Lagos) and all the members of the Committee
Abiru while presenting the report, said the bill would make the NDIC more effective and bring it in line with current realities and best practices.
He said there was consensus among stakeholders on the importance of the NDIC to guarantee settlement of insured funds.
“Considering the above, therefore, the general consensus among stakeholders was that it is important that the legal framework is reviewed.
“This is to make the corporation more effective to discharge its functions, safeguard its independence and autonomy and to bring it in line with current realities and best practices.
“This is particularly because the Corporation plays a vital role in safeguarding the interests of depositors and promoting confidence in the financial sector.
“The evolving challenges in the global and domestic banking environments necessitate the amendment of the current law to keep pace with these developments and ensure the NDIC remains fit for purpose,” it said.
