Uche Usim, Abuja
The Managing Director and Chief Executive Officer of the Nigeria Deposit Insurance Corporation (NDIC), Umaru Ibrahim, has appealed to the 9th Senate for the speedy passage of the pending NDIC Act, 2006 (as amended) currently before the National Assembly.
The NDIC boss made the plea when the management of the Corporation paid a courtesy call on the newly elected President of the Senate, Dr. Ahmed Ibrahim Lawan in his office on Wednesday.
According to him, the Act will unlock various potential of the Corporation and boost its operations in no small measure.
Responding, the Senate President promised that the Senate would immediately commence work on the Bill to amend the NDIC Act 2006 afresh as the work earlier done by the 8th Senate had lapsed with the expiration of that Assembly.
He noted that the Bill remained vital to taking the Corporation to the next level, assuring the NDIC management that the 9th Senate would give the bill the accelerated consideration it deserved.
As a wrap, the NDIC Managing Director congratulated the Senate President on his election, along with the returning and first time Senators on their victory at the polls. He stated the resolve of the Corporation to work closely with the Senate leadership and the Senate Committee on Banking, Insurance and Other Financial Institutions to ensure a stable banking system which is critical to the stability of the nation’s financial system.
He recalled that in the past, the Corporation had worked with the Senate on the Bill to Amend the NDIC Act 2006 through the holding of seminars, workshops and active participation in public hearings, stating that the Senate of the 8th Assembly was unable to pass the Bill, unlike the House of Representatives which accorded the process the priority it deserved. He appealed to the Senate, under its present leadership, to pass the Bill in earnest in view of its importance to the stability of the financial system.
Ibrahim noted various challenges facing the economy and observed that only a stable banking system could guarantee the sustainable growth of the economy. He added that the NDIC was working in partnership with the Central Bank of Nigeria (CBN), and other relevant stakeholders through effective supervision and prudential regulation of the banking system.
The NDIC boss enumerated the supervisory challenges facing the banking system in the last few years including issues related to risk management, corporate governance, non-performing loans, and the need to for more efficient management cyber security systems as well as consumer protection. He noted that the Financial Services Regulation and Co-ordinating Committee [FSRCC] comprised of Central Bank of Nigeria (CBN), NDIC, National Pension Commission of Nigeria (PenCom), Securities and Exchange Commission (SEC), National Insurance Commission (NAICOM), Corporate Affairs Commission (CAC) amongst others, would continue to collaborate to ensure financial system stability.
Ibrahim also reiterated the commitment of the Corporation to the sustenance of excellent relationship with the Senate particularly the distinguished Senators who would be on the Senate Committee on Banking, Insurance and Other Financial Institutions adding that the cordial working relationship was not only crucial to the passage of the amendment of the NDIC, but other important Bills such as the Financial Ombudsman which was intended to provide a quasi-judicial framework for resolving disputes between banks and their customers.