Bill seeking independence status for NDIC passes second reading at Senate
A bill seeking to make the Nigeria Deposit Insurance Corporation (NDIC) an independent agency of the federal government has passed a second reading at the Senate.
The bill was jointly sponsored by Adetokunbo Abiru (APC, Lagos East) and 41 other senators.
The amendment bill was read the second time at the Senate on Thursday.
Proposals
The bill also proposed to amend section 63 of the NDIC Act, 2023 to make the corporation more effective, safeguard its independence and autonomy and bring it in line with current realities and best practices.
It also proposed to empower the president of the federation to appoint the Managing Director and Executive Directors of the corporation.
Mr Abiru, while leading a debate on the bill, argued that if the bill is passed and assented to, it will correct anomalies in the 2023 NDIC Act.
The senator also explained that the bill does not have financial implications.
He, therefore, urged his colleagues to support its passage.
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“Mr. President, Distinguished Colleagues, the Bill if passed into law, will correct the anomalies that have been highlighted above, strengthen the corporation to make it more effective and safeguard its independence and autonomy to bring it in line with current realities and best practices. I therefore appeal for your support for the passage of this Bill.
“Mr President, Distinguished Colleagues, this Bill has no financial implication and no compendium is attached as required by Order 76 (3) of the Senate Standing Orders, 2022 as amended” Mr Abiru added.
Debate
The majority of the senators who contributed to the bill supported its passage.
Sani Musa (APC, Niger East) said when the bill is passed, it will empower the president to appoint the managing director and executive directors of the corporation.
“The essence of it is for the functionality of the NDIC and also for the NDIC to have independence especially for the functionality of NDIC and also when it comes to the appointment. I think it is only fair to give Mr President all that power to appoint instead of taking from CBN” he said.
Simon Lalong (APC, Plateau South) also supported the passage of the bill.
“In the last two or five years, we have had problems and these problems were part of these anomalies. I have seen an effort to correct some of these anomalies and that will go a long way in strengthening the effectiveness and efficiency of the institution.”
The bill was subsequently referred to the Committee on Banking Finance and Other Financial Institutions for further legislative action.
The Deputy Senate President, Barau Jibirin, who presided over the session, directed the committee to report back to the Senate soon.
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A bill seeking to make the Nigeria Deposit Insurance Corporation (NDIC) an independent agency of the federal government has passed a second reading at the Senate.
The bill was jointly sponsored by Adetokunbo Abiru (APC, Lagos East) and 41 other senators.
The amendment bill was read the second time at the Senate on Thursday.
Proposals
The bill also proposed to amend section 63 of the NDIC Act, 2023 to make the corporation more effective, safeguard its independence and autonomy and bring it in line with current realities and best practices.
It also proposed to empower the president of the federation to appoint the Managing Director and Executive Directors of the corporation.
Mr Abiru, while leading a debate on the bill, argued that if the bill is passed and assented to, it will correct anomalies in the 2023 NDIC Act.
The senator also explained that the bill does not have financial implications.
He, therefore, urged his colleagues to support its passage.
READ ALSO: Nigeria’s booming fintech space, and its top 13 players
“Mr. President, Distinguished Colleagues, the Bill if passed into law, will correct the anomalies that have been highlighted above, strengthen the corporation to make it more effective and safeguard its independence and autonomy to bring it in line with current realities and best practices. I therefore appeal for your support for the passage of this Bill.
“Mr President, Distinguished Colleagues, this Bill has no financial implication and no compendium is attached as required by Order 76 (3) of the Senate Standing Orders, 2022 as amended” Mr Abiru added.
Debate
The majority of the senators who contributed to the bill supported its passage.
Sani Musa (APC, Niger East) said when the bill is passed, it will empower the president to appoint the managing director and executive directors of the corporation.
“The essence of it is for the functionality of the NDIC and also for the NDIC to have independence especially for the functionality of NDIC and also when it comes to the appointment. I think it is only fair to give Mr President all that power to appoint instead of taking from CBN” he said.
Simon Lalong (APC, Plateau South) also supported the passage of the bill.
“In the last two or five years, we have had problems and these problems were part of these anomalies. I have seen an effort to correct some of these anomalies and that will go a long way in strengthening the effectiveness and efficiency of the institution.”
The bill was subsequently referred to the Committee on Banking Finance and Other Financial Institutions for further legislative action.
The Deputy Senate President, Barau Jibirin, who presided over the session, directed the committee to report back to the Senate soon.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
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