CITIZENS COMPASS —The Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Mukhail Adetokunbo Abiru, FCA, on Monday, October 24, 2023, led members of the Committee on an oversight visit to the Lagos office of the Nigeria Deposit Insurance Corporation(NDIC).
This visit is in accordance with sections 62,88 and 89 of the Constitution of the Federal Republic of Nigeria 1999 (as amended) that empowers the National Assembly to perform legislative oversight on all Ministries, Departments and Agencies (MDAs) and Government-owned Enterprises (GoES) , for judicious utilization of Government funds.
Abiru, who is the lawmaker representing the Lagos East Senatorial District, said that the committee came to assess the performance of the corporation and discuss its challenges with the hope of proffering necessary support to enhance its effectiveness.
According to him, “The NDIC plays a critical role in safeguarding the stability and integrity of our financial system. It is our responsibility as lawmakers to ensure that it is fulfilling its mandate effectively and efficiently.
“The banking and financial sector is the backbone of any economy, and it is crucial that we maintain the highest standards of oversight and regulation to ensure the safety and security of the funds entrusted to these institutions by the public. The NDIC, as the primary insurer of deposits in Nigeria, is tasked with the responsibility of protecting depositors’ funds and promoting sound banking practices”.
Senator Abiru who is an accomplished economist, accountant and retired bank chief Executive, also challenged NDIC on innovation in the digitally-driven banking era. “The Nigerian banking and financial landscape are continuously evolving, and the NDIC’s role has become even more critical. In recent years, we have witnessed an expansion of digital financial services, fintech innovation, and increased financial inclusion”, Senator Abiru was quoted to have said in a statement issued by his media aide, Mr. Enitan Olukotun, in Lagos on Tuesday.
The management team of NDIC, led by the Managing Director/ Chief Executive Officer, Mr. Bello Hassan, FCA, thanked the Senate delegation for their insights and valuable advice on how to improve the operational efficiency of the corporation.
In conclusion, the Senate Committee pledged to work with the Corporation and other stakeholders towards the protection of the deposit of Nigerians in the banks.
Other distinguished Senators who are members of the Senate Committee on Banking, Insurance and other Financial Institutions that were present include: Senator Aminu Waziri Tambuwal (Sokoto South), Senator Lawal Adamu Usman (Kaduna Central), Senator Ibrahim Khalid Mustapha (Kaduna North), Senator Habib Mustapha (Jigawa Central) and Senator Haruna Manu (Taraba Central).