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NDIC Holds Retreat For House Committee Members On Insurance and Actuarial Matters

The National Assembly has stressed its commitment towards ensuring that depositors’ funds are safe and secured in the nation’s banks

Chairman, House of Representatives Committee on Insurance and Actuarial Matters, Mr. Darlington Nwokwocha stressed this at the opening of the Nigeria Deposit Insurance Corporation, NDIC’s 2022 retreat in Lagos.

The yearly event which is geared towards charting a way forward towards realising the mandate of the corporation has the theme, ” Deposit Insurance in Nigeria: Restrategisng for Tomorrow” .

According to the Chairman of the Committee, Mr. Darlington Nwokwocha, it is important for legislative and executive arms to put in a place a mechanism that helps to easily identify and tackle uncertainties in the global financial systems.

Mr. Nwokwocha stated that to sustain financial safety, government needed to ensure diligent planning and sound institutions.

The House Committee Chairman explained that the theme of the retreat was apt especially, given the current financial system shocks, such as that posed by Covid-19.

Contributing, the Chairman, NDIC Board of Directors, Mrs. Ronke Shokefun said the recent Pandemic has raised uncertainties in the financial system, which now required more effective risk management policies to maintain viable insurance system.

Mrs. Shokefun, who was represented by a Board member, Mr. Adewale Adeleke pointed out that NDIC was restrategising towards a better financial services delivery to customers.

In a remark, the Managing Director of NDIC, who said the Corporation as regulator of the financial industry has the role to ensure resilience, called on the lawmakers to increase its role in assets recovery during liquidation process of institutions that are in crisis.

The NDIC Managing Director added that the Corporation would be collaborating with relevant stakeholders, including the National Assembly and Deposit Insurance agencies around the world, to achieve success.

The three days retreat which is expected to highlight public policy objectives and the role of deposit insurance in economic system resilience, will be rounded off on Saturday.

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