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Senate committed to healthy financial institutions — Lawan

The President of the Senate, Sen. Ahmad Lawan on Wednesday said the Senate was a commitment to ensure a healthy banking and other financial institutions in the country.

Lawan, Senate
Ahmad Lawan

Lawan gave the assurance while addressing the Management team of the National Deposit Insurance Corporation, NDIC, let by its Managing Director, Umar Ibrahim, in his office in Abuja.

He said that members of the 9th Senate are desirous of a stable economy which is achievable through collaboration by all players in the financial services.

He commended the efforts of the NDIC over the years, for protecting customers’ interest and their various engagement such as workshops, public hearing and monitoring.

He assured that the National Assembly would not relent in its oversight functions to ensure the common man are positively impacted in the scheme of things.

“NDIC is a very important institution of government. You have the mandate to make our banking system work. I am delighted you have done that over the years.

“We in the Senate will continue to work closely together with you. Our relevant Committees will partner with you to ensure that citizens are not shortchanged,” he said.

He said the NDIC Act pending in the Senate would receive urgent attention as soon as the Senate resumes.

“The Bill on a re-enactment of NDIC will receive adequate attention. We are going to work on the amendment.

“All the issues confronting the financial services and regulations will not be wheeled down for the interest of Nigerians.

“We have the responsibility to make sure that this economy reclaims its lost glory.

“We cannot have a stable economy and even country without a healthy banking system, so will continue in our duties to ensure that our banking system is reliable,” he assured.

He, however, berated the Nigerian Agricultural Insurance Corporation, NAIC for not meeting the demands of those he described as mainly disadvantaged farmers.

“We must encourage and empower these farmers. Agricultural produce adds huge impacts to the economy.

“Our banks hardly make available facilities for these less privileged farmers and while they are available, the interest rate is high on the roof.
“This is undermining the efforts to collaborate the diversification agenda of Mr President,” he said.

In his remarks, the Managing Director, NDIC, Umar Ibrahim congratulated the President of the Senate and the newly sworn-in senators.

He reiterated that the NDIC was prepared to work with the National Assembly for the safety of the banking and financial sectors in Nigeria.

He said the corporation had been able to achieve tremendously in the area of support to keep alive ailing banks and to tackle cyber crimes.

Umar revealed that many 60 per cent of Nigerians still find it difficult to access banking facilities, adding that the corporation was working to reverse the trend.

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