Connect with us

General News

Senate Passes NDIC Bill To Safeguard Bank Depositors’ Funds, Stabilise Financial Institution.

Published

on

  • Senate Passes NDIC Bill To Safeguard Bank Depositors’ Funds, Stabilise Financial Institution.
In a bid to protect the interest of Bank  Depositors, the Senate on Tuesday at plenary passed for third and final reading, a bill meant to strengthen the capacity of the Nigeria Deposit Insurance Corporation’s capacity to safeguard depositors, ensure the stability of financial institutions, and promote trust in the banking system.
The legislation, titled, “Nigeria Deposit Insurance Corporation Act No 33 of 2023,” was sponsored by Senator Mukhail Adetokunbo Abiru (Lagos East) and all the members of the Senate Committee on Banking, Insurance and other Financial Institutions.
 Abiru presented the report of the  panel at plenary on Tuesday.
H said the bill would also make the NDIC, more effective, safeguard its independence and autonomy and  bring it in line with current realities and best practices.
The Bill consolidated the power of the President to appoint the Chairman and members of the board of the NDIC while the Central Bank  of Nigeria (CBN) which hitherto recommend to the appointees, would now concentrate on supervising  the corporation.
The NDIC based on the new amendment of its Act, would focus on the examination of the banks.
He noted that despite the fact that the NDIC 2023 Act made substantial improvements to the 2006 Act, its implementation had been fraught with continuous debates.
He specifically said stakeholders had consistently been engaging in series of appeals on the need for an amendment of the Act to address all the issues that have been raised concerning it.
He said, “The Nigerian Deposit Insurance Corporation (Amendment) Bill, 2024, is thus a critical piece of legislation aimed at strengthening the Nigerian financial system.
“The proposed amendments will enhance the NDIC’s capacity to safeguard depositors, ensure the stability of financial institutions, and promote trust in the banking system.
“Given the rapidly evolving nature of the financial sector, this Bill represents a timely response to the challenges and opportunities that lie ahead.”
Abiru added that the current Bill would lay to rest once and for all, the claims that the bill that was assented to by the former President Muhammadu Buhari, was materially different from what was passed by the 9th National Assembly.
He said, “To further empower the corporation by guaranteeing its independence in performing its statutory functions in line with Section 1 (3) of the principal Act.
“The principal (2023) Act curiously restricts the President’s power to appoint the Managing Director and Executive Directors and provides that they are to be to persons recommended by the Central Bank of Nigeria Governor.
“The (2024) bill (now)  seeks to amend this provision to bring it in line with and in consonance with Mr. President’s power of appointment as enshrined in the Constitution of the Federal Republic of Nigeria 1999 (as amended).
“The provisions of the principal Act which makes the Permanent Secretary, Ministry of Finance the Chairman of the Board is also being reviewed.
“This is because the workload and busy schedule of that office is such that makes such appointment untenable.
“The importance of the need for the Minister of Finance to constitute an Interim Management Committee for the Corporation within 30 days after the expiration or termination of the tenure of the Board is also introduced in the bill.
Fielding questions from Journalists, Senator Abiru said,“This is to forestall the recent situation where the Corporation faces challenges in its operations as a result of the absence of a board.”
Abiru said  there was a general agreement among stakeholders of the importance of the NDIC  as it was set up for the purpose of the protection of depositors and to guarantee the settlement of insured funds when a deposit-taking financial institution can no longer repay their deposits, thereby helping to maintain financial system stability.
He said, “Considering the above therefore, the general consensus among stakeholders was that it is important that the legal framework is reviewed.
“This is to make the Corporation more effective to discharge its functions, safeguard its independence and autonomy and to bring it in line with current realities and best practices.
“This is particularly because the Corporation plays a vital role in safeguarding the interests of depositors and promoting confidence in the financial sector.
“The evolving challenges in the global and domestic banking environments necessitate the amendment of the current law to keep paceb with these developments and ensure the NDIC remains fit for purpose.”
Abiru said over 30 written memoranda and numerous oral submissions were received. All the written memoranda and oral presentations at the hearing supported the bill.

General News

OBYC Worldwide fault Ineife led IYC over planned protest against Bayelsà Industrialist. ….urges IYC to respect for Court Process

Published

on

By

By David Owei,Bayelsa

The Ogbia Brotherhood Youth Council (OBYC) Worldwide has condemned the planned protest over the legal dispute involving Azikel Group President, Dr. Azibapu Godbless Eruani, CFR, and Mr. Kariyai Daukoru, describing the action as unnecessary while the matter remains before a competent court.

OBYC, in a statement issued on Saturday and made available to newsmen, urged Ijaw Youth Council (IYC) Central Zone Chairman, Comrade Peres Ineife, to suspend the proposed protest and allow the judicial process to run its course.

It also appealed to the newly elected IYC Worldwide President, Dr. Doubra Collins Okotete, to promote dialogue and reconciliation among the parties involved in the Aviation Training initiative.

OBYC maintained that Dr. Eruani’s aviation training initiative was a philanthropic programme designed to empower Bayelsa youths and rejected allegations that he intended to victimise anyone.

The Council further called on Ijaw youths, political leaders and stakeholders to exercise restraint, respect the rule of law, and avoid actions capable of undermining the judiciary or disrupting peace.

Continue Reading

General News

OBYC Worldwide fault Ineife led IYC over planned protest against Bayelsà Industrialist. ….urges IYC to respect for Court Process The Ogbia Brotherhood Youth Council (OBYC) Worldwide has condemned the planned protest over the legal dispute involving Azikel Group President, Dr. Azibapu Godbless Eruani, CFR, and Mr. Kariyai Daukoru, describing the action as unnecessary while the matter remains before a competent court. OBYC, in a statement issued on Saturday and made available to newsmen, urged Ijaw Youth Council (IYC) Central Zone Chairman, Comrade Peres Ineife, to suspend the proposed protest and allow the judicial process to run its course. It also appealed to the newly elected IYC Worldwide President, Dr. Doubra Collins Okotete, to promote dialogue and reconciliation among the parties involved in the Aviation Training initiative. OBYC maintained that Dr. Eruani’s aviation training initiative was a philanthropic programme designed to empower Bayelsa youths and rejected allegations that he intended to victimise anyone. The Council further called on Ijaw youths, political leaders and stakeholders to exercise restraint, respect the rule of law, and avoid actions capable of undermining the judiciary or disrupting peace.

Published

on

By

By David Owei,Bayelsa

The Ogbia Brotherhood Youth Council (OBYC) Worldwide has condemned the planned protest over the legal dispute involving Azikel Group President, Dr. Azibapu Godbless Eruani, CFR, and Mr. Kariyai Daukoru, describing the action as unnecessary while the matter remains before a competent court.

OBYC, in a statement issued on Saturday and made available to newsmen, urged Ijaw Youth Council (IYC) Central Zone Chairman, Comrade Peres Ineife, to suspend the proposed protest and allow the judicial process to run its course.

It also appealed to the newly elected IYC Worldwide President, Dr. Doubra Collins Okotete, to promote dialogue and reconciliation among the parties involved in the Aviation Training initiative.

OBYC maintained that Dr. Eruani’s aviation training initiative was a philanthropic programme designed to empower Bayelsa youths and rejected allegations that he intended to victimise anyone.

The Council further called on Ijaw youths, political leaders and stakeholders to exercise restraint, respect the rule of law, and avoid actions capable of undermining the judiciary or disrupting peace.

Continue Reading

General News

Two Fishermen Feared Dead ln Bayelsa Ocean

Published

on

By

Gov Douye Diri of Bayelsa State

By David Owei,Bayelsa

Two fishermen have been declared missing after their boat capsized off the coast of Opu-Okumbiri in Brass Local Government Area of Bayelsa State.

It was gathered that the missing fishermen were identified as Elder Sunday Sample Timothy and his assistant, Mr. Avarada.

According to a source, Chief Saturday Akimi-Omunhuo, a community leader, the two men left for a fishing expedition at about 1:00 a.m. on Friday when the outboard engine of their fishing boat reportedly developed a fault while they were far out at sea.

Chief Akimi-Omunhuo said a rescue boat towed the disabled vessel toward the continental shelf and the Atlantic coastline. However, as they approached the shore, strong waves reportedly capsized the faulty boat, throwing the two fishermen into the water.

He narrated that the rescue boat and those aboard reached the shore safely, but the two fishermen have remained missing.

Community members were said to immediately launch a search operation along the coastline and surrounding waters. The search team later recovered the fishermen’s fishing gear, but there was no sign of the missing men as of the time of filing this report.

Chief Akimi-Omunhuo described the incident as tragic, noting that similar accidents have occurred over the years in the coastal communities.

He appealed to the Brass Local Government Council, the Bayelsa State Government, the Federal Government and relevant stakeholders to provide improved safety equipment, weather monitoring systems and other support for fishing communities whose livelihoods depend on the sea.

“Our people depend on fishing for survival. We need better safety measures to reduce the loss of lives on our waterways,” he said.

Search efforts for the two missing fishermen were still ongoing at the time of this report.

Authorities were yet to issue an official statement on the incident.

Continue Reading

Latest

Politics3 hours ago

2027: You cannot afford to fail Nigeria, INEC Chairman tells staff

By George Mgbeleke The Chairman of the Independent National Electoral Commission (INEC), Prof. Joash Amupitan, has charged staff members of...

General News10 hours ago

OBYC Worldwide fault Ineife led IYC over planned protest against Bayelsà Industrialist. ….urges IYC to respect for Court Process

By David Owei,Bayelsa The Ogbia Brotherhood Youth Council (OBYC) Worldwide has condemned the planned protest over the legal dispute involving...

General News10 hours ago

OBYC Worldwide fault Ineife led IYC over planned protest against Bayelsà Industrialist. ….urges IYC to respect for Court Process The Ogbia Brotherhood Youth Council (OBYC) Worldwide has condemned the planned protest over the legal dispute involving Azikel Group President, Dr. Azibapu Godbless Eruani, CFR, and Mr. Kariyai Daukoru, describing the action as unnecessary while the matter remains before a competent court. OBYC, in a statement issued on Saturday and made available to newsmen, urged Ijaw Youth Council (IYC) Central Zone Chairman, Comrade Peres Ineife, to suspend the proposed protest and allow the judicial process to run its course. It also appealed to the newly elected IYC Worldwide President, Dr. Doubra Collins Okotete, to promote dialogue and reconciliation among the parties involved in the Aviation Training initiative. OBYC maintained that Dr. Eruani’s aviation training initiative was a philanthropic programme designed to empower Bayelsa youths and rejected allegations that he intended to victimise anyone. The Council further called on Ijaw youths, political leaders and stakeholders to exercise restraint, respect the rule of law, and avoid actions capable of undermining the judiciary or disrupting peace.

By David Owei,Bayelsa The Ogbia Brotherhood Youth Council (OBYC) Worldwide has condemned the planned protest over the legal dispute involving...

Sports10 hours ago

More Talents Spotted in Bayelsa United/Prosperity Cup Tourney ‎ ‎… As Competition Enters Matchday Three ‎

By David Owei,Bayelsa ‎ ‎The quest to return Bayelsa United to the Nigeria Premier Football League, NPFL next season is...

General News10 hours ago

Two Fishermen Feared Dead ln Bayelsa Ocean

By David Owei,Bayelsa Two fishermen have been declared missing after their boat capsized off the coast of Opu-Okumbiri in Brass...

Business & Economy14 hours ago

NCDMB Commends Brentex on $50m Steel Pipe Facility, Assures of Industry Patronage

By David Owei The Nigerian Content Development and Monitoring Board (NCDMB) has lauded Brentex Petroleum Services Limited on the significant...

Politics14 hours ago

Osun Decides: Stakeholders Set for Citizens’ Town Hall to Promote Credible Poll*

By David Owei As the August 15, 2026 Osun State Governorship Election enters its final 21 days, the Civil Society...

Business & Economy16 hours ago

Tinubu, from Mama Akara to Mama Akwete

By Emmanuel Nnadozie Onwubiko President Bola Ahmed Tinubu is a lucky man. He is a lucky husband and a lucky...

Law & Crime16 hours ago

Withdraw Your Shoot-on-Sight Order, It’s Unconstitutional-HURIWA tells IGP

By George Mgbeleke Prominent pro-democracy and civil rights advocacy group HUMAN RIGHTS WRITERS ASSOCIATION OF NIGERIA (HURIWA) has asked the...

Politics1 day ago

Stop “Ghosting”,Fix Pension Crisis, Build On Reforms We Started-Atiku tells Tinubu

By Our Correspondent Presidential flag bearer of the African Democratic Congress,( ADC), and former Vice President, Atiku Abubakar, has faulted...

Trending