The Senate Thursday passed for second reading , a bill seeking to amend the Nigeria Deposit Insurance Corporation (NDIC) Act The bill sponsored by the chairman, Senate Committee on Banking , Insurance and other Financial Institutions , Senator Adetokunbo Abiru, aims at making the corporation more effective, ensure its independence and autonomy, and bring it in line with current realities.
Leading debate on the bill, Abiru noted that the 2023 Act made substantial improvements to the 2006 Act, its implementation has been fraught with continuous debates and there have been series of appeals from and consensus among stakeholders on the need for an amendment of the act to address all the issues that have been raised concerning it.
The lawmaker said the bill proposes to empower the president with the power to make direct critical appointments as against the extant act which restricts the president’s power for appointment of managing director and executive directors based on recommendations by Governor of the Central Bank of Nigeria (CBN).
