The House of Representatives committee on insurance and actuarial matters has expressed its readiness to set up a framework for empowering the Nigeria Deposit Insurance Corporation (NDIC) to discharge its mandate more effectively through the instrumentality of the National Assembly.
Making this known on Thursday, June 17, 2021, at this year’s retreat for members of the committee organized by the NDIC, chairman of the committee, Darlington Nwokocha, stated that the committee will not only work with NDIC in ensuring the safety of depositors’ funds, it will also expedite action on the Bill to Amend the NDIC Act 2006.
Also speaking, Chairman of the board of directors of NDIC, Mrs Ronke Sokefun said the NDIC is effectively collaborating with relevant stakeholders to effectively manage the risks and ensure that the nation’s banking industry continues to be safe, sound and stable.
Sokefun who was represented by a member of the board of directors, Adewale Adeleke stated: ” We recognise and appreciate the fact that the National Assembly is a critical stakeholder in achieving our goals and objectives, and this is why this retreat is a vital step towards moving the corporation forward to effectively carry out its operations and ensure the safety and stability of the financial system.
“The corporation has put in place mechanisms that continually improve the skills of its staff and equips them with relevant tools for effective supervision of risks emerging from fintech, new technologies and other innovative.”
She added that it is generally agreed that the stability of the banking sector is linked with economic growth and societal welfare.
In his welcome address, the Managing Director/Chief Executive Officer (MD/CEO) of NDIC, Mr Bello Hassan observed that the corporation will continue to engage and cooperate with the National Assembly through the House Committee on Insurance and Actuarial Matters to address issues that are germane to the efficient operation of the deposit insurance system in Nigeria and by extension the sustenance of the safety and stability of the nation’s banking industry.
According to him, Deposit Insurance System (DIS) safeguards dépositors’ funds in case of bank failure, thereby promoting public confidence and contributing to financial system stability.
In that regard, Hassan said: “We will continue to work with all relevant stakeholders, to strengthen the corporation in a bid to achieve the set public policy objectives and effectively deliver on our core mandate.
“We are committed to strengthening the deposit insurance framework; providing timely support to insured institutions as and when required; implementing faster, orderly resolutions of problem insured institutions; and assisting the monetary authority in its efforts at promoting stability in the nation’s banking system.”
He further added that through the papers and the discussions that will follow at the retreat, there will be a “roadmap that would enhance the role of the deposit insurance system and the banking industry in the COVID-19 recovery agenda, and also set out a framework for empowering the corporation to discharge its mandate more effectively.”
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