Senate Pledges Speedy Passage of NDIC Act

• Senate Pledges Speedy Passage of NDIC Act

The Senate Committee on Banking, Insurance and Other Financial Institutions has expressed a strong commitment to the accelerated amendment of the Nigeria Deposit Insurance Corporation Act, 2006.

The amendment act when passed into law would eliminate the gaps that had hindered the full realisation of the public policy objectives of the implementation of the Deposit Insurance System in Nigeria.

The Chairman of the Committee, Senator Rafiu Ibrahim, said this when he led his team on an oversight visit to the corporation.

The committee was received by the Managing Director of the corporation, Umaru Ibrahim, along with members of his management team.

In a statement on Thursday, the NDIC said the Ibrahim updated the committee on the recent activities of the corporation including the response of the NDIC to the revocation of the licences of 153 Micro-Finance Banks and six Primary Mortgage Banks by the Central Bank of Nigeria.

He informed members of the committee that the corporation had already started the payment of depositors of 25 MFBs and the deposits verification of 50 others.