Bill to amend NDIC Act scale second reading at Senate

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A Bill seeking to amend the Nigeria Deposit Insurance Corporation (NDIC) Act No. 63 of 2023 to enhance the corporation’s effectiveness, ensure its independence, and align it with current realities, passed the second reading in the Senate on Thursday.

Sponsored by Adetokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance, and other Financial Institutions, along with 41 other committee members, the Bill aims to address existing challenges and improve the NDIC’s operational framework.

During the debate, Abiru highlighted the necessity of amending the 2023 Act. The proposed amendments include empowering the President with the authority to make appointments, ensuring the independence of the NDIC in carrying out its functions, and revising the provision concerning the appointment of the Managing Director and Executive Directors, which currently requires recommendations from the Central Bank of Nigeria Governor.

Following deliberations, several lawmakers expressed support for the Bill, citing its importance in strengthening the NDIC’s governance structure and regulatory mandate.

Source: Business Day

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