Written by Sarah NEGEDU

Senate pledges swift passage of NDIC Act

Senate President, Ahmed Lawan, has assured the Nigeria Deposit Insurance Corporation, NDIC, of the speedy passage of the NDIC Act, 2006 (as amended) currently before the National Assembly.

He said the 9th senate would immediately commence work on the Bill to Amend the NDIC Act 2006 afresh, as the work earlier done by the 8thSenate had lapsed with the expiration of that Assembly.

Senator Lawan who gave the assurance when he received the management of the NDIC in his office, assured that the 9th Senate would give the bill the accelerated consideration it deserved.

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

While congratulating the Senate president on his election into office, the Managing Director of the NDIC, Umaru Ibrahim stated the resolve of the Corporation 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 House of 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.

He said with the various challenges facing the economy, only a stable banking system could guarantee the sustainable growth of the economy.

He added that the NDIC was working in partnership with the CBN and other relevant stakeholders through effective supervision and prudential regulation of the banking system.

The NDIC Boss enumerated the supervisory challenges facing the Banking System in the last few years including issues related to risk management, corporate governance, non-performing loans, and the need to for more efficient management cyber security systems as well as consumer protection. He noted that the Financial Services Regulation and Co-ordinating Committee, FSRCC, comprised of CBN, NDIC, PENCOM SEC, NAICOM and CAC amongst others, would continue to collaborate to ensure financial system stability.

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