At a public hearing organized yesterday by the Senate Committee on Banking, Insurance and Other Financial Institutions, the stakeholders were unanimous in their submission that the current NDIC Act 2006 was due for amendment in view of the tremendous economic and technological changes that had taken place in the financial landscape since the enactment of the NDIC Act in 1988 and the last repeal and re-enactment in 2006.
In his presentation at the hearing, NDIC’s Managing Director/Chief Executive Officer, Bello Hassan said the repeal and re-enactment of the NDIC Act of 2006 was not only timely but necessary if the Deposit Insurance System in Nigeria was to be placed at par with those of other jurisdictions in compliance with best practice. He commended the Chairman of the Senate committee on Banking, Insurance and Other Financial Institutions, Sen. Uba Sani for taken time to study the legal framework for Deposit Insurance in Nigeria, identified the gaps in the framework and decided on the need for the repeal and re-enactment of the extant legislation. He also expressed gratitude to the leadership of the Senate and the entire senators for working tirelessly to bring the Bill to the legislative stage of public hearing.
