NASS assures NDIC on support for deposit insurance

National Assembly



The Chairman, House of Representative Committee on Insurance and Actuarial Matters, Ahmed Usman Jaha, has said that the Committee will take a proactive steps to formulate regulatory frameworks and provide support to the Nigeria Deposit Insurance Corporation (NDIC) to effectively safeguard and secure depositors’ funds in Nigeria.


Speaking at a retreat organised by the NDIC with the theme ‘Maintaining a Resilient and Stable Banking System: The Role of NDIC’, Jaha noted that with a significant number of new members, comprising over 75 per cent of the committee in the 10th Assembly, there arose a pressing need for these representatives to gain a comprehensive understanding of the intricacies of the insurance sector and that this retreat, would equip members with the knowledge required to contribute meaningfully to the sector’s advancement, particularly in ensuring the safety of depositors’ funds.


He stated: “This retreat provides us with a valuable opportunity to engage in insightful discussions, share knowledge, to gain a deeper understanding of the challenges and opportunities facing the banking and insurance industry.

“The NDIC, as you are all aware, provides the safety of depositors’ funds and promotes depositors’ confidence in the financial system in the country. So, the committee is ready when given the required knowledge and development, to collaborate with NDIC to make sure that we have succeeded in achieving that”.

Also speaking at the retreat, Managing Director/Chief Executive/NDIC, Bello Hassan said: “This theme is apt given the determination of the federal government towards achieving sustainable growth by strengthening the financial sector to boost economic growth. This falls in line with the corporations’ contribution to ensuring the stability of the financial system by effectively supervising the banking sector and safeguarding depositors’ funds from the adverse effects of bank failure.”