Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


NDIC explains reasons for proposed Amendment Act

13 December 2014, 15:52

Abuja - The Managing Director, Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, on Saturday said the amendment of the corporation’s Act would enable better supervision of the sector.

Ibrahim said this in an interview with the mediain Abuja.

He said that the NDIC wanted the removal of legal obstacles that tend to work against efforts to pay depositors in case of liquidation.

“We want the removal of legal obstacles placed against moves and efforts to pay depositors in case of liquidation by going to court to forestall that.”

“As much as they want to exercise whatever right they think they have, they should not do anything that will unnecessarily jeopardise depositors’ interest.”

“So we are seeking for an amendment whereby regardless of any subsisting court action, we should be able to go ahead and pay insured depositors who are languishing,” Ibrahim said.

Also Read: Mobile money transactions hit N430 bn in two years
He said that the corporation also wanted to be able to sanction erring management or directors that contributed to the downfall of insured institutions in the country.

Ibrahim added that in the next 25 years, the NDIC would continue to strive to deliver on its mandate of depositor protection.

“We will ensure the safety and soundness of our banking system through supervision and we will continue to partner with all stakeholders so as to achieve all our goals,” he said.

Also speaking with the media, The Minister of State for FCT, Bashir Yuguda, said the NDIC had been a stabilising factor in the financial sector and urged them to continue to do more.

Yuguda noted that the idea for the reform in the Act was to look at areas where NDIC could meet up with the present challenges.

He said that with an insurance deposit fund of over N500 billion, NDIC was doing the statutory job they were supposed to do and as the supervising minister, he was happy about NDIC’s achievements.


Tags ndic business

Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...