NASS Set To Amend NDIC Act – Lawan

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  • As Ooni seeks speedy passage of bill

BY COBHAM NSA, ABUJA – President of the Senate, Ahmad Lawan has pledged the National Assembly (NASS)’s resolve to give the Nigeria Deposit Insurance Corporation (NDIC) amendment bill speedy consideration in the overall interest of banks’ depositors and stability in the banking system.

He said the lawmakers will accord priority attention to the bill proposing to amend the NDIC Act 2006, which the eighth National Assembly considered but failed to pass before its tenure expired.

Lawan, who delivered a goodwill message at the 30th anniversary celebration of NDIC in Abuja, said; “I want to assure you that when we resume plenary, the NDIC Act amendment bill will be a top priority,”.

He was responding to comments by the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi calling for amendment of current provisions in the Act that allow depositors a maximum of N500,000 as insured deposit in the event of their bank becoming distressed regardless of the trapped amount in the accounts.

“Everyone of us here will agree that the Act should be amended. So Kabiyesi, your motion has received a yes. The Ayes have it,” the Senate President remarked to a rousing applause from the audience.

Assuring that the Senate will give accelerated treatment to NDIC amendment bill when members resume in plenary after 2020 budget defence, Senator Lawan said; “NDIC carries out oversight function on banks, as we do to MDAs. So we have something in common. NDIC amendment Act needs to be strengthened as His Royal Majesty, Kabiyesi, has rightly observed. We will expedite action on it when we resume plenary session. We suspended work on it because of 2020 budget defence since we want to pass 2020 budget before December.”

According to him, the National Assembly is fully aware of the operational challenges faced by NDIC in discharging its functions and will therefore be ready to give accelerated hearing on the proposed amendment bill.

Senator Lawan recalled that the Corporation has since its inception engaged and cooperated fully with the NASS through its oversight committees to address issues that are germane in sustaining stability of the Nigerian banking industry.

He said given the existing cordial relationship between both sides, the National Assembly will always liaise with the NDIC to ensure success not only in its effective mandate delivery but also in handling issues affecting banks’ customers and depositors expeditiously.

In acknowledging its landmark achievements in the last three decades, Senator Lawan however “urged the NDIC not only to showcase its milestones, mandate and achievements, to the general public, but also rededicate itself to continuous engagement with the banking public by further educating them on its activities.”

“This to me, is very critical to NDIC’s operations as it will effectively contribute to the realization of NDIC’s core mandate of protecting bank depositors,” the Senate President said.

Speaking earlier, the Ooni of Ife, Oba Enitan Ogunwusi  had passionately appealled to the Senate President urging the National Assembly to consider speedy passage of the NDIC amendment bill currently before it.

The royal father said amending the law to make it more depositors’ friendly will further boost customers confidence and enhance stability in the nation’s banking industry.

He commended the NDIC’s Board, managtement and staff for their selfless service in ensuring the safety and security of depositors’ funds despite the mounting challenges in the sector.

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