Senator Tokunbo Abiru’s Bill On Amendment of Nigeria Deposit Insurance Corporation, NDIC Act Scales Second Reading
The Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, *Senator Mukhail Adetokunbo Abiru, FCA (Lagos East)*, today on the floor of the Senate, led the debate on a bill for an Act to amend the Nigeria Deposit Insurance Corporation Act No 63 of 2023 that will make the Corporation more effective, safeguard its independence and autonomy, bringing it in line with current realities and best practices. Senator Abiru who sponsored the bill, alongside 42 Senators, who are members of his Committee, explained that though the 2023 Act made substantial improvements to the 2006 Act, according to him, its implementation has been fraught with continuous debates and there have been series of appeals and consensus among stakeholders on the need for an amendment of the Act to address all the issues that have been raised concerning it. The essential amendments being proposed include, ensuring true independence for the Corporation in accordance with the intents of the dra