NDIC Act amendment top priority in NASS - Lawan

Ahmad Lawan, President of the Senate

President of the Senate, Ahmad Lawan on Monday gave an assurance that the National Assembly will accord top priority to the amendment of the Nigeria Deposit Insurance Corporation (NDIC) law.

A bill to amend the NDIC Act 2006 was presented for consideration to the eighth National Assembly but it was not passed.

"I want to assure you that when we resume plenary, the NDIC Act amendment bill will be a top priority," Lawan said in Abuja at an event to mark the 30th anniversary of the organisation.

The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi had earlier spoken against the current provisions in the Act which allow depositor a maximum of N500,000 compensation in the event of the bank runs into trouble regardless of the amount trapped.

The Ooni made a personate appeal to the Senate President for the National Assembly to consider amending the Act.

"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 said.

Lawan said the National Assembly is not unaware of the operational challenges faced by NDIC in the discharge of its functions and promised that the ninth Assembly will be readily available to give accelerated hearing on the proposed amendment.

"I want to recall that the Corporation for so many years has engaged and cooperated fully with the National Assembly through our oversight committees to address issues that are germane to the sustenance of the stability of the Nigerian Banking industry.

"I therefore, wish to state that, the National Assembly, will always join hands with the NDIC not only to contribute to its success but also ensure that its requests are given expeditious treatment.

"I would like to use this occasion to urge 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," Lawan said.