By Bilesanmi Abayomi
The Chairman of the Senate Committee on Banking, Insurance, and other Financial Institutions, Distinguished Senator Mukhail Abiru, led members of the committee on a significant oversight visit to the Lagos office of the Nigeria Deposit Insurance Corporation (NDIC).
This visit is in line with the constitutional mandates outlined in sections 62, 88, and 89 of the Nigerian Constitution, which empower the National Assembly to exercise legislative oversight over all Ministries, Departments, Agencies (MDAs), and Government-owned Enterprises (GOEs) to ensure the judicious utilization of government funds.
Senator Abiru, representing the Lagos East Senatorial District, emphasized that the committee’s primary goal was to evaluate the corporation’s performance and discuss its challenges. The intention is to provide the necessary support and enhancements to ensure its effectiveness.
In his words, Senator Abiru stated, “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.”
He further highlighted the importance of maintaining high standards of oversight and regulation in the banking and financial sector, as it is vital for ensuring the safety and security of funds entrusted to these institutions by the public.
Senator Abiru, an accomplished economist, accountant, and retired bank chief executive, also challenged the NDIC to innovate in the rapidly evolving digitally-driven banking era. He recognized the expansion of digital financial services, fintech innovation, and increased financial inclusion, making the NDIC’s role even more critical.
The management team of NDIC, led by the Managing Director and Chief Executive Officer, Mr. Bello Hassan, expressed gratitude to the Senate delegation for their valuable insights and advice on improving the corporation’s operational efficiency.
The Senate Committee pledged to collaborate with the NDIC and other stakeholders to protect the deposits of Nigerians in banks. Distinguished Senators present during the visit included Senator Aminu Waziri Tambuwal, Senator Lawal Adamu Usman, Senator Ibrahim Khalid Mustapha, Senator Habib Mustapha, and Senator Haruna Manu, all of whom are members of the Senate Committee on Banking, Insurance, and other Financial Institutions.