NDIC ACT AMENDMENT BILL
Bill · Finance
A Bill amends the NDIC Act by updating deposit insurance coverage and strengthening the Corporation's powers to protect bank depositors. It targets bank depositors, commercial banks, and financial regulators. This aims to enhance financial stability and public confidence in the banking sector.
What Is This Policy?
A bill to amend the NDIC Act to update deposit insurance coverage, strengthen the Corporation's powers, and improve its capacity to protect bank depositors.
Who Does It Target?
Bank depositors, commercial and microfinance banks, NDIC staff, and financial sector regulators.
What Does It Aim to Achieve?
Enhance deposit protection, strengthen NDIC's resolution powers, improve financial system stability, and boost public confidence in the banking sector.
Key Features
Coverage Update: Proposes increased deposit insurance coverage limits. Resolution Powers: Strengthens NDIC's bank failure resolution capabilities. Regulatory Enhancement: Improves NDIC's supervisory and enforcement powers.
Current Status
Rollout Stage: Under legislative consideration. Coverage: All insured deposit-taking institutions in Nigeria.
How to Access
Bank depositors are automatically protected under the deposit insurance scheme. Protection is automatic for deposits in insured banks Portal: ndic.gov.ng
Impact & Metrics
Expected to enhance depositor protection and financial system stability.
Official Resources
Website: https://ndic.gov.ng Contact: NDIC Headquarters, Abuja
Legal Framework
To be enacted under the legislative powers of the National Assembly vested by Section 4 of the 1999 Constitution. Will modify the Nigeria Deposit Insurance Corporation Act Cap N102 LFN 2004, operating alongside the Banks and Other Financial Institutions Act 2020, the Central Bank of Nigeria Act 2007, the Companies and Allied Matters Act 2020, and IADI Core Principles for Effective Deposit Insurance Systems.