The Nigeria Deposit Insurance Corporation (NDIC) amendment (repeal and re-enactment bill) of 2006 Act which is aimed at to strengthen its operations and on protecting the depositors is said to be in the conclusion stages of being passed.
The Chairman, House of Representatives Committee on Insurance and Actuarial Matters, Hon. Olufemi Fakeye speaking on the sidelines of a meeting with the NDIC in Lagos, on Thursday said the bill which is almost at the third reading at the Senate should be signed into law before June next year
Stating that the legislators are working with the parties involved, that is the NDIC as well as the Central Bank of Nigeria, he said “as far as we know at this point, we have gone maybe 80perecnt to 85perecent of all the steps.
“So once we have harmonisation which I hope would be before the end of this year, it would then be up to the senate and then once we go through that, it goes to the presidency for assent. And I don’t foresee any problem at that point.
“This assemble would terminate before June next year, so we are thinking definitely before June next year we should have passed”, he stated.
On his part the managing director and chief executive of NDIC, Mr. Umaru Ibrahim while speaking to the lawmakers, noted that all the conflicts the CBN had with the previous bill had been agreed on and also added some additions.
“There are only about four sections that are more or less in contention but as we would see in the details, we have had meetings with the central bank of Nigeria (CBN) and we are in agreement as to the areas we need to look at. And we are hoping that during your harmonisation with the senate, those areas would be looked at.
“We have noticed together with the CBN that there is need to have a relook at some of the sections in the NDIC reforms act. The new additions include the need to redefine very comprehensive the definition of a deposit.
“The second issue has to do with ensuring that the NDIC is the sole liquidator of licenced deposit taking institutions. The third has to do with what refer to as double taxation so as to avoid a situation whereby NDIC is double taxed.
“We have had our meetings with the CBN and we have resolved them and we want them to be attended too during the harmonisation meeting that is going to take place between this committee and the senate committee on banking” he said
