Stakeholders In The Public And Private Sectors Canvass Support For NDIC Act Amendment Bill - Jobisco

Stakeholders In The Public And Private Sectors Canvass Support For NDIC Act Amendment Bill

MD and CE NDIC Bello Hassan at the Public Hearing on A Bill for an Act to Repeal the Nigeria Deposit Insurance Corporation Act, No. 16, 2006 and Re-Enact NDIC Act 2022

The Nigeria Deposit Insurance Corporation Act 2006 Amendment Bill, which is currently before the National Assembly, has received support from significant stakeholders in the public and private sectors of the financial services industry. According to a press release, issued by the NDIC on December 7 2022. The bill's aim is to increase the Corporation's capacity to contribute more effectively and efficiently to the stability of the financial system.

The Senate Committee on Banking, Insurance, and Other Financial Institutions held a public hearing, and all of the participants agreed that the NDIC Act of 2006, as it stands today, needs to be amended in light of the enormous economic and technological changes that have occurred in the financial landscape since the NDIC Act's enactment in 1988 and its most recent repeal and re-enactment in 2006.


Bello Hassan, the managing director and chief executive officer of NDIC, stated during the hearing that the NDIC Act of 2006 needed to be repealed and reenacted in order for the Nigerian Deposit Insurance System to be on par with similar systems in other countries and to follow best practises.

Sen. Uba Sani, chairman of the Senate committee on banking, insurance, and other financial institutions, was praised by the speaker for taking the time to research the legal framework for deposit insurance in Nigeria, identifying its shortcomings, and coming to the conclusion that the existing legislation needed to be repealed and reenacted.

He also thanked the Senate's leadership and all of the senators for their arduous efforts in getting the Bill to the legislative stage of public hearing. Sen. Uba Sani, the bill's sponsor, stated that in order to advance the stability of the country's financial sector in line with international best practise, it is essential to increase the NDIC's authority through the amendment bill. The law aims to make the NDIC autonomous and strengthen its powers in the interest of the nation, and he reassured that input gathered through the public hearing and submissions already received from stakeholders would be seriously considered.

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Sen. Ahmed Lawan, President of the Senate, who was represented by Sen. Sadiq Umar, Chairman of the Senate Committee on Rules and Business, remarked that the need for the change was made clear by the new realities to which the NDIC was exposed. Before passing the Act, the Senate, he claimed, was interested in looking into all of its implications.


The director of the legal department, Kofo Salam-Alada, said that the apex bank had no misgivings about passing the bill after carefully considering it. Godwin Emefiele, the governor of the central bank, was there in his place. The Nigerian Financial Intelligence Unit (NFIU), the National Insurance Commission (NAICOM), the Association of National Accountants of Nigeria (ANAN), the Corporate Affairs Commission (CAC), the Economic and Financial Crimes Commission (EFCC), the Trade Union Congress of Nigeria (TUCN), the Assets Management Corporation of Nigeria (AMCON), and the Chartered Institute of Bankers of Nigeria (CIBN) on behalf of the banking industry were among the stakeholders who spoke out in favour of passing the bill.

  • Bashir A. Nuhu
  • Director, Communication & Public Affairs Department
  • Thursday 8 th December, 2022

Source: NDIC

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