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Stakeholders in financial sector overwhelmingly support NDIC amendment bill

Published

3 years ago

December 7, 2022

By Lateef Taiwo

Stakeholders in financial sector, including the CBN, NFIU, AMCON, EFCC have overwhelmingly supported Nigerian Deposit Insurance Corporation (NDIC) amendment bill 2022.

This solidarity was at a public hearing organised by the Senate Committee on Banking, Insurance and other Financial Instructions on Wednesday.

The Central Bank of Nigeria (CBN), while supporting the bill said “CBN would have recommended that this Bill should take a bow and go, if bills are allowed to do so, since it “supports financial system stability”.

Kofo Salam-Alada , who represented Godwin Emefiele, CBN Governor said his boss would have loved to be at the public hearing because of the importance of the bill, but the event coincided with the Committee of Governors meeting.

He commended the Senate committee for its “complete understanding of issues in the banking sector and the financial sector in general”.

The Nigerian Financial and Intelligence Unit (NFIU) representative, Kingsley Amanko said the NFIU sees the NDIC as a crucial, institutional and regulatory ambit that is indispensable the fight to ensure the safety and reliability of the Nigerian financial system, thus a desirable partner and a collaborator.

“The NFIU is a central national agency responsible for the receiving of financial disclosures from reporting entities, analyses these disclosures and produce intelligent reports for dissemination to competent authorities.

The Economic and Financial Crimes Commission (EFCC) equally supported bill, but observed that “section 71 (3) takes away the discretionary powered of the court to award general damages and said the court can only award special damages”, adding “this is not fair”.

Chile Okoroma, Director Legal and Prosecution in the anti graft agency, who represented the Executive Chairman, Abdulraheed Bawa also observed that section 73 (1), which also takes away the “inherent power of the court to decide whether to grant a stay of any proceedings commenced with relation to insured institutions which have been taken over before the corporation takes proper responsibility of liquidation”. This he said erodes the discretionary powers of the court and should be looked at again.

Other stakeholders that supported the bill include National Insurance Commission (NAICOM), Trade Union Congress (TUC), Association of National Accountants of Nigeria (ANAN), Asset Management Corporation of Nigeria (AMCON), Chartered Institute of Bankers of Nigeria (CIBN) and National Association of Micro Finance Banks (NAMFB).
The Managing Director of NDIC, Hassan Bello while welcoming the amendment to the NDIC Act said the law came into force in 1988 and was only amended in 2006.

He expressed appreciation to all the stakeholders for the support, adding that the current amendment will go a long way in protecting depositors’ money.

Chairman Senate Committee on Banking, Insurance and other Financial Instructions, Senator Uba Sani, who also sponsored the amendment bill equally expressed happiness about how the proceedings went at the public hearing.

The Kaduna central senator and gubernatorial candidate of the All Progressive Congress (APC) in the state expressed the confidence that the input from the stakeholders will enrich their report to the Senate plenary and eventual passage of the bill.

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Nigeria’s Historic Bid for the 2030 Commonwealth Games: A Call for National and Global Support

Published

6 days ago

September 30, 2025

The Gleamer

Joel Ajayi

Nigeria is poised to make history as it seeks to host the Centenary Commonwealth Games in 2030, a monumental opportunity that promises to transform the nation’s economy, infrastructure, and global standing.

More than a sporting spectacle, the Games would serve as a catalyst for development across multiple sectors, leaving behind a legacy of national pride and sustainable growth.

The benefits of hosting the Games extend far beyond the sports arena. Nigeria stands to gain both empirical and non-empirical advantages, with direct, indirect, and induced impacts that will touch every corner of society. Infrastructural development will take center stage, with new facilities such as indoor sports halls, conference centers, and improved road networks reshaping urban landscapes while strengthening the nation’s capacity to host future international events.

Economic growth is another significant dividend. Over 10,000 jobs are expected to be created, spanning construction, facility management, event planning, and tourism services.

The hospitality industry will undergo major improvements as hotels and resorts are upgraded to meet international standards, while local restaurants, lounges, and tourist attractions will see a surge in patronage from international visitors. Small and medium enterprises, particularly in the transport, finance, and food service sectors, will become some of the greatest beneficiaries, as the Games generate new demand and expand opportunities for local businesses.
The Commonwealth Games will also accelerate the growth of Nigeria’s sports industry.

Investments in training facilities, coaching, and talent development will inspire a new generation of athletes, ensuring long-term benefits that extend beyond 2030, a major focus of the President Bola Tinubu administration.
At the same time, the process of preparing for the Games will create opportunities for Nigerians to learn new crafts, acquire technical skills, and engage in global-standard event management, thereby strengthening human capacity and innovation across industries.

Mallam Shehu Dikko, Chairman of the Nigeria Sports Commission, and Hon. Bukola Olopade, the Director General, have been widely recognized for their tireless and visionary leadership in repositioning Nigeria’s sporting sector.

Their commitment to facilitating infrastructural development and strengthening grassroots sports development has laid the foundation for Nigeria’s bold bid to host the 2030 Commonwealth Games. Under their leadership, the NSC is fostering strategic partnerships and driving innovation in sports administration, they have demonstrated the nation’s readiness to stage an event of such global magnitude.

Beyond the tangible gains, the hosting of the 2030 Commonwealth Games carries profound symbolic value. It would be a moment of unity and pride, a chance for Nigeria to showcase its cultural richness, resilience, and excellence to the world.
As a centenary edition, the Games would stand as a historic milestone not just for the Commonwealth but for Nigeria itself, cementing its place on the global stage as a capable, ambitious, and forward-looking nation.

The gains from hosting the Commonwealth Games can never be undermined or overemphasized. This is Nigeria’s time to step forward and show the world our resilience, and excellence. We call on every Nigerian, across sectors and communities, to support this noble aspiration.

Nigeria’s pursuit of the 2030 Commonwealth Games is a vision for transformation, a blueprint for national development, and a legacy project that will inspire generations to come.

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