The Senate has passed the Nigeria Deposit Insurance Corporation Act No 33 of 2023, empowering the NDIC to better safeguard depositors’ funds and boost stability in Nigeria’s banking sector.
The bill grants the President exclusive authority to appoint the NDIC’s Managing and Executive Directors, eliminating the Central Bank’s role in nominations, though the CBN retains supervisory oversight. With this reform, the NDIC gains greater autonomy.
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Sponsored by Senator Mukhail Adetokunbo Abiru and co-sponsored by 40 senators, the bill aligns the NDIC with modern financial practices. It also introduces provisions for interim management if the board isn’t appointed within 30 days of a term’s end.
“This bill is crucial for strengthening Nigeria’s financial system,” Abiru stated, underscoring its potential to enhance depositor protection and foster trust in banking institutions.
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