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NDIC appeals for speedy amendment of enabling act

The Managing Director, Nigeria Deposit Insurance Corporation (NDIC), Mr. Umaru Ibrahim, has appealed to the 9th Senate for the speedy passage of the NDIC Act 2006 (as amended), currently before the National Assembly.

Ibrahim made the call in a statement signed by Mr. Sunday Oluyemi, Director, Communication and Public Affairs Department, on Friday and available to the News Agency of Nigeria in Abuja.

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The statement added that the management of the Corporation had paid an advocacy visit to the new President of the Senate, Dr. Ahmed Lawan, in Abuja on Wednesday.

The managing director recalled the various challenges facing the economy and observed that only a stable banking system could guarantee the sustainable growth of the economy.

“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.

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“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.

“We appeal to the Senate, under your leadership to pass the Bill in earnest given its importance to the stability of the financial system,” he said.

The NDIC boss noted the importance of the Corporation as an institution that ensured the safety and soundness of the banking system in Nigeria through the protection of depositors.

He added that the Corporation had done quite well in the discharge of its mandate over the years. The managing director assured the Lawan that NDIC would work with the Senate Committee on Banking,

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Insurance and other Financial Institutions, when constituted, to ensure the protection of citizens against adverse activities in the banking sector.

He further enumerated the supervisory challenges facing the banking system to include issues related to risk management, corporate governance, non-performing loans, and the need for more efficient management,

cyber security system as well as consumer protection. While noting that the Financial Services Regulation and Coordinating Committee (FSRCC) comprised of CBN, NDIC, PENCOM, SEC, NAICOM and CAC, among others,

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Ibrahim pledged to collaborate to ensure financial system stability. Responding, the President of the Senate, promised that the 9th Senate would begin work on the Bill from again,

adding that the work earlier done by the 8th Senate ended with the expiration of that assembly. He noted the importance of the Bill and assured NDIC that the 9th Senate would give the Bill accelerated consideration.