Reps To Amend NDIC Act
Chairman, House of Representative Committee on insurance and Actuarial Matters, Darlington Nwokocha has said the committee will be amending the Nigeria Deposit Insurance Commission (NDIC) Act to expunge obsolete sections to enable the corporation discharge its mandate more effectively.
Speaking yesterday at the opening ceremony of 2021 NDIC Retreat for members of House of Representatives held in Lagos, Nwokocha said the lawmakers will do its best to support the amendment of the NDIC Act.
Chairman, Nigeria Deposit Insurance Commission (NDIC), Ronke Sokefun, said the stability of the banking system is inextricably linked with economic growth and societal welfare.
According to her, operation of the corporation, through deposit reimbursement, helps to protect depositors and offer a measure of safety for the nation’s banking system.
Sokefun, who was represented by a member of the board of directors, Adewale Adeleke stated that the corporation recognises and appreciates the fact that the National Assembly is a critical stakeholder in achieving its goals and objectives.
Managing Director, Nigeria Deposit Insurance Commission (NDIC), Bello Hassan, said the deposit insurance system, administered by the NDIC remains and important component of the financial safety-net arrangements and has an important role to play in the ongoing economic recovery agenda of the government.
He said that deposit insurance system safeguards depositors’ funds in case of failure, thereby promoting public confidence and contributing to financial system stability.
“We will continue to work with all relevant stakeholders to strengthen the corporation in a bid to achieve the set public policy objectives and effectively deliver on our core mandate. We are committed to strengthening the deposit insurance framework, providing timely support to insured institutions and when required. We are also 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,” Hassan said.
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