Abdulhakeem Abdullateef, the recently appointed chairman of the Nigeria Deposit Insurance Corporation (NDIC), has urged President Bola Tinubu to initiate an inquiry into the passing of the NDIC Act in 2023.
On May 26, Former President Muhammadu Buhari signed the NDIC (repeal and reenactment) bill of 2023 into law.
This new legislation replaces the previous NDIC Act of 2006 and designates the NDIC as the insurer responsible for all insurable deposit liabilities of insured institutions.
During a Facebook Live session on Monday, Abdullateef alleged that the bill signed by the former president included certain sections that were not present in the version passed by the national assembly.
The session conducted by Abdullateef was titled ‘Even If You Will Kill Me, I Will Tell Nigerians My Mind’.
Abdullateef, a former commissioner for home affairs in Lagos state, explained that under the new law, the president no longer has the authority to appoint a managing director for the NDIC.
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Instead, the responsibility of recommending a suitable candidate for the position of NDIC managing director lies solely with the governor of the Central Bank of Nigeria (CBN).
“The NDIC is plagued by corruption. There is widespread misconduct occurring. They say, ‘When you fight corruption, corruption fights you.’ This so-called new NDIC Act is essentially ‘Emefiele’s act’. Here, they have stripped Mr. President of his powers regarding the NDIC,” Abdullateef stated.
“This document that was signed differs significantly from the proceedings of the National Assembly that passed it.”
During the emotional session, Abdullateef emphasized that the NDIC should function as a completely independent agency, not under the control of the CBN.
“I urge Mr. President not to enforce this law until it has been thoroughly investigated. Investigate the passage of this law. Investigate the inclusion of section 7, which removes the authority of the Ministry of Finance and replaces it with two directors from the CBN,” he pleaded.
“Probe why the enacted version differs substantially from the version passed by both the senate and the house of representatives without any divergence.
“According to the law, do you know the status of this new act? It is null and void. Whenever Mr. President approves a bill that differs significantly from what was passed by the senate and the house of representatives, it indicates a material omission, and the law is not ready for assent.
“The new administration must return this act to the National Assembly upon its proclamation. They should investigate it and allow the members of the National Assembly to deliberate on it.
“Mr. President, please refrain from enforcing the new NDIC Act.”
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