Uche Usim, Abuja
Vice President Yemi Osinbajo on Monday charged the management of the Nigeria Deposit Insurance Corporation (NDIC) to invest massively in Information and Communication Technology (ICT) and research for smarter regulatory duties as demanded in the 21st century.
This was coming on the heels of the revelation by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, that the corporation, in compliance with the Fiscal Responsibility Act, has remitted N212.71 billion into Consolidated Revenue Fund (CRF) since it was established 30 years ago.
Osinbajo, who stated this at the book presentation and lecture to celebrate NDIC’s 30th anniversary, extolled the corporation for making itself a reference point for deposit insurance globally, especially as it has become a board member of the International Association of Deposit Insurance (IADI).
He then urged the management not to rest on its oars but reach for new horizons.
He said: “The most significant challenge for the finance industry is probably the bank crisis of 2009. Going by the manner of resolutions, it called for the set up of AMCON of N5 trillion worth.
“We should look at better ways of resolutions as the AMCON 2 option may not be viable given the volume of transactions involved.
“You should invest in fintechs and research on smarter ways of regulation. You will need training too”, he said.
In his remarks, the Senate President, Ahmed Lawan, assured the corporation that the NDIC 2006 amendment Act, currently with the National Assembly, will be given accelerated hearing once it resumes plenary.
His assurance sprang from an earlier request made by the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, who said the NDIC needed the new Act to move to the next level by deepening its depositor protection roles.
He said: “Kabiyesi, your motion has received a yes. We will expedite action on it once we resume plenary. It was suspended for budget work as we’re working to pass the budget early and return to January to December budgeting cycle in the overall interest of the economy.
“Once we resume, the NDIC Act 2006, which was presented to the eight National Assembly for amendment, will be a top priority for us. It will be given accelerated hearing. We will work with NDIC to make it more efficient and effective”, he said.