The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has inaugurated officials of the Nigeria Deposit Insurance Corporation (NDIC).
At the inauguration of the new NDIC Managing Director and Chief Executive Officer, Mr Bello Hassan and the Executive Director (Operations) Mr Mohammed Ibrahim, she said the government will revisit the recently amended Banks and Other Financial Act (BOFIA) 2020 that was signed by President Muhammadu Buhari.
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NDIC and the Central Bank of Nigeria (CBN) had a running battle as to who controls the banking licenses processes among other issues. Whilst the CBN has an exclusive right to license banks, the NDIC also wanted to be a part of the licensing processes. The new law still didn’t grant NDIC that privilege.
She said she will work with the NDIC management and the NDIC board to resolve issues that arose from the recently amended Banks and Other Financial Act (BOFIA) 2020.
“I am aware there are issues that arose from the recently amended Banks and Other Financial Act (BOFIA) 2020 to which my attention was drawn. We will work with you and the board to resolve them. I pledge the Ministry’s continuous support and collaboration to your corporation in the discharge of its mandate,” she said.
The minister while thanking the previous leadership for their excellent work expressed confidence in the capability of the new leadership to deliver on their mandate.