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NDIC Chair: Buhari signed ‘wrong’ bill reenacting agency’s duty, stating “there was an omission”

June 12, 2023 • 3 min read

Abdulhakeem Abdullateef, the newly appointed Chairman of the Nigeria Deposit Insurance Corporation (NDIC) Board, has urged President Bola Tinubu to investigate the passing of the NDIC Act, 2023.Former President Muhammadu Buhari signed the NDIC (repeal and reenactment) bill of 2023 into law on May 26.The new act replaces the NDIC Act, 2006 and designates the NDIC as the insurer of all insurable deposit liabilities of insured institutions.

During a Facebook Live session on Monday, Abdullateef, the NDIC Chairman, alleged that the bill signed by the former president contained certain sections that were not present in the version passed by the National Assembly.Abdullateef’s session was titled ‘Even If You Will Kill Me, I Will Tell Nigerians My Mind’.Abdullateef, a former Commissioner for Home Affairs in Lagos State, stated that under the new law, the president is not authorized to appoint a Managing Director for the agency.

He explained that only the Governor of the Central Bank of Nigeria (CBN) was given the responsibility of recommending someone for the position of NDIC Managing Director.”The NDIC is in a state of corruption. There is a lot of wrongdoing occurring. They say ‘When you fight corruption, corruption fights you.’ This is the supposed new act of the NDIC, and I can tell you for certain that this is ‘Emefiele’s act.’ Here, they have stripped Mr President of his powers concerning the NDIC,” he said.”This document that was signed differs significantly from the vote and proceedings of the National Assembly that passed it.”Abdullateef, who became emotional during the session, argued that the NDIC should be an entirely independent agency, free from the control of the CBN.”I want Mr President to refrain from acting on this law until it is investigated. Investigate the passing of this law.

Investigate the inclusion of Section 7, which takes away the role of the Ministry of Finance and replaces it with two directors from the CBN,” he said.”Investigate why what was passed is fundamentally different from what was assented to. Investigate what transpired between the time the Senate passed it and the House of Representatives passed it without any discrepancies.”Under the law, do you know the status of this new act? It is null and void.

Whenever Mr President assents to a bill that significantly deviates from what was passed by the Senate and the House of Representatives, it means there was a substantial omission, and the law was not ready for assent.”There is a need for the new administration to return this act to the National Assembly once it is enacted. They should investigate it and allow members of the National Assembly to debate.”Mr President, please refrain from acting on the new NDIC Act.”