Lagos, Nigeria – April 24, 2025 – The National Assembly has vowed to work closely with the Nigeria Deposit Insurance Corporation (NDIC) to improve regulatory frameworks.
Specifically, this partnership aims to stabilize Nigeria’s financial system while protecting depositors’ funds.
During a stakeholders’ retreat in Lagos, lawmakers reinforced this commitment, emphasizing the need for stronger safeguards.
Hosted by the House Committee on Insurance and Actuarial Matters alongside the NDIC, the event focused on tackling financial sector challenges.
Titled “Navigating Financial Disruptions: Strengthening the NDIC’s Mandate for Economic Stability,” the retreat addressed inflation, cyber threats, and banking evolution.
Committee Chairman Mr. Ahmadu Jaha stressed the urgency of collaboration to mitigate these risks effectively.
“Financial disruptions are unavoidable, but we must refine safety nets to address them,” Jaha declared.
He highlighted the NDIC’s role in deposit protection, bank supervision, and financial education.
Furthermore, he urged adaptive regulations to counter emerging threats, assuring legislative support for the NDIC’s efficiency.
The retreat provided a platform to discuss deposit insurance improvements and risk management strategies.
Earlier, NDIC CEO Mr. Bello Hassan explained how financial disruptions reshape industry norms.
He cited digital innovation, weak governance, and market instability as key drivers.
Hassan warned that unchecked risks could erode public trust, destabilizing the economy.
Consequently, he advocated for resilient policies, innovation, and stricter bank compliance to prevent crises.
Additionally, Hassan denounced Ponzi schemes, citing the N1.3 trillion loss from the collapsed CBEX scam.
He reaffirmed the NDIC’s efforts to expose illegal operators and thanked lawmakers for supporting depositor protection.
The retreat ended with a unified resolve to bolster the NDIC’s role in economic stability.
As financial threats persist, the National Assembly and NDIC’s alliance remains vital.
Together, they will ensure a secure, resilient financial future for Nigeria.
Through proactive legislation and enforcement, both institutions aim to safeguard the economy and public confidence.
Their ongoing cooperation underscores a shared dedication to long-term stability.
