The Nigerian Senate has passed a bill seeking to repeal the NDIC act 2006 and reenact the Nigerian deposits Insurance Corporation act 2023.
The bill sponsored by Senator Uba Sani scaled third reading after the consideration of a report by the senate committee on banking, insurance and other financial institutions.
Chairman of the committee on banking, insurance and other financial institutions Senator Uba Sani presents his committee’s findings on the proposed Bill to repeal the NDIC ACT 2006.
The bill seeks to among other things reenacts the NDIC ACT 2023 and strengthen the operations and management of the corporation in line with
International best practices.
Speaking, Chairman, Senate Committee on Banking insurance, Uba Sani said the amendment of clause 14-4 was effected to replace appropriate board oversight over the management of the corporation in line with International best practices.
“The amendment of course 86 was effected to ensure that the exemption on taxes and levies does not apply to the environmental sanitation levies and similar municipal charges.
The bill also provides for the NDIC to have access to reports of examination of insured institutions conducted by the Central Bank of Nigeria.
The committee believes that it will serve to strengthen the nation’s Deposit Insurance system this is reflected in the fact that there
was a consensus among the key stockholders regarding the necessary necessity of the bill bill for an act to repeal the Nigeria Deposit Insurance
cooperation act number 16 are enact the Nigeria Deposit Insurance Corporation Bill 2022 and for other matters connected now 2023 started in taking and the bill is passed.
The Senate has approved the amendment of the 2022 appropriation Act and the 2022 supplementary budget. This is to allow for a time extension in its implementation to June 2023 and it is expected to run concurrently with the implementation of the 2023 budget.
