Nigerian Senate moves to safeguard depositors? funds

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The Senate on Tuesday passed a bill seeking to amend the Nigeria Deposit Insurance Corporation, NDIC Act No. 33 of 2023, to strengthen the capacity of the corporation to safeguard depositors? funds, ensure the security of financial institutions, and promote trust in the banking system.

This was sequel to the consideration of the report of the Committee on Banking, Insurance and Other Financial Institutions, chaired by Senator Adetokunbo Abiru (APC, Lagos East), during plenary.

Presenting the report, Senator Abiru said the bill would also make the NDIC more effective, safeguard its independence and autonomy and bring it in line with current realities and best practices.


According to him, the bill consolidated the power of the President to appoint the chairman and members of the board of NDIC while the Central Bank of Nigeria, CBN, which hitherto recommended to the appointees, would now concentrate on supervising the corporation.

NDIC, he added, based on the new amendment of its act, would focus on the examination of the banks.