• Thursday, March 28, 2024
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BusinessDay

NDIC romances 9th Senate for adequate insurance of financial institutions

Nigeria Deposit Insurance Corporation (NDIC)
As part of effort to ensure that the Bill seeking amendment of the Nigeria Deposit Insurance Corporation (NDIC) Act pending before the 8th Senate is given a speedy passage when the 9th Senate is inaugurated in June, chairman and Board members of the NDIC has begun move and romance with the senators-elect to achieve the mission.
BusinessDay gathers that the chairman and members of the Board of the NDIC have embarked on intensive working visits to some influential senators-elect ahead of the inauguration of the 9th Senate to explain the benefits and the prospects the speedy passage of NDIC Bill currently pending, before the Senate holds for the banking industry. 
Ronke Sokefun, the Board chairman, has led the managing director, Umaru Ibrahim, and some members of the Board, including Festus Keyamo, Lola Abiola-Edewor, among others, to one of the senators-elect, who doubles as the governor of Ogun State, Ibikunle Amosun, to solicit earnestly, the passage of the NDIC Act, which Bukola Saraki-led 8th Senate may not pass before the end of the 8th Senate.
While briefing Governor Amosun on the NDIC Board’s mission at Oke-Mosan Governor’s Office in Abeokuta, Sokefun said the early passage of the Bill would empower the Corporation to effectively supervise insured financial institutions for a safe and sound banking system in the country.       
Sokefun, who noted that the Corporation was saddled with the responsibility of supervising deposits in banks and ensure adequate and effective covers for the financial institutions operating in the country, assured Nigerians that NDIC was working diligently to address the issue of non-performing loans in the banking industry to boost financial liquidity in the economy.
Responding, Governor Amosun emphasised the need for financial institutions and banking industry to follow due process and diligence in their operations for the growth of the economy, saying such efforts would help boost the confidence and socio-economic status of the people as well as, indirectly, increase the gross domestic product of the country.  
Governor Amosun also commended the initiative of the Board to establish its regional office in Ogun state, adding that the majority of the banks are now opening and locating  back-up head offices to Ogun, hence, the need for urgent opening of the Corporation office is timely and will be mutually rewarding to the State and the Nigeria Deposit Insurance Corporation (NDIC).