Ex-chair reiterates need to probe NDIC Act

A former board chairman of the Nigeria Deposit Insurance Corporation (NDIC), Abdulhakeem Abdullateef, has called for a probe of the NDIC Act of 2023, insisting that the manner by which the law was hurriedly passed was replete with fraud.

Abdullateef, who is also a former Lagos State commissioner for Home Affairs, revealed that the law made the Deposit Insurance Fund a target of the then CBN leadership.

He said there was no gainsaying that the new Act fell short of the standards stipulated by the International Association of Deposit Insurers (IADI) for NDIC’s independence and establishment of corporate governance principles.

He noted that another worrying aspect of the manipulated act was that the president’s powers to appoint the members of the board of the corporation were eroded.