The Nigerian Senate on Tuesday passed a bill amending the Bank Deposit Regulator\u2019s Principal Act, removing the Central Bank of Nigeria’s (CBN) authority to appoint the Chief Executive Officer (CEO) of the Nigerian Deposit Insurance Corporation (NDIC).<\/p>\n
The amendment followed a report presented by Senator Mukhail Adetokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions. After extensive debate, the bill passed its third reading, consolidating the President\u2019s power to appoint the NDIC\u2019s Chairman and board members. The CBN, which previously recommended appointees, will now focus solely on supervising the corporation.<\/p>\n
Senator Abiru explained that the amendment aims to grant the NDIC full autonomy and align it with global best practices. \u201cThis amendment strengthens the corporation\u2019s capacity to safeguard depositors, promote financial stability, and enhance trust in the banking sector,\u201d he said.<\/p>\n
The new legislation, titled “Nigeria Deposit Insurance Corporation Act No. 33 of 2023,” was sponsored by Senator Abiru and other members of the Senate Committee. It seeks to address long-standing concerns about the NDIC\u2019s independence and effectiveness.<\/p>\n
\u201cThe evolving challenges in global and domestic banking environments make it essential to review the legal framework to keep the NDIC fit for purpose,\u201d Abiru noted, adding that the amendment will improve the corporation\u2019s ability to monitor banks and respond to financial risks.<\/p>\n
Senate President Godswill Obot Akpabio presided over the session, during which the bill was passed into law.<\/p>\n
<\/p>\n
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The Nigerian Senate on Tuesday passed a bill amending the Bank Deposit Regulator\u2019s Principal Act, removing the Central Bank of Nigeria’s (CBN) authority to appoint the Chief Executive Officer (CEO) of the Nigerian Deposit Insurance Corporation (NDIC). The amendment followed a report presented by Senator Mukhail Adetokunbo Abiru, Chairman of the Senate Committee on Banking, […]<\/p>\n","protected":false},"author":14,"featured_media":54036,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-54035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/54035","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=54035"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/54035\/revisions"}],"predecessor-version":[{"id":54037,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/54035\/revisions\/54037"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/54036"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=54035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=54035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=54035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}