Emefiele Exposed Again! Fingered in Manipulation of New NDIC Act

The suspended Central Bank of Nigeria Governor, Godwin Emefiele has fingered in alleged manipulation of new Nigerian Deposit and Insurance Corporation (NDIC) Act.

The Chairman NDIC, Dr AbdulHakeem AbduLateef made the revelation via a five minutes video circulating on Monday across social media platform.

Abdulateef observed discrepancies in the harmonized 2023 NDIC Bill passed by the National Assembly and version former President Muhammadu Buhari signed on May 26, 2023.

According to him, the new NDIC Act expunged representatives of Finance Ministry and six geo-political zones from the board.

This bill sponsored by current Kaduna State Governor, Senator Sani Uba sought to repeal the Nigeria Deposit Insurance Corporation (NDIC) Act, 2006 and replace it with a new Act.

The Nigeria Deposit Insurance Corporation Act repeals the hitherto extant NDIC Act No. 16 of 2006, provides that NDIC is the insurer of all insurable deposit liabilities of insured institutions. The Arbitration and Conciliation Act also repeals the hitherto extant Cap. A18 Laws of the Federation of Nigeria provides a unified legal framework for the fair and efficient settlement of commercial disputes by arbitration and mediation.

Meanwhile, some political watchers have fingered Emefiele and some cabals in the distortion of version signed by former President Muhammadu Buhari.

The new NDIC Act reportedly gave CBN more powers in the management of the commission.