Tony Chukwunyem 
The House of Representative Committee on Insurance and Actuarial Matters and the Nigeria Deposit Insurance Corporation (NDIC) have reaffirmed their commitment to ensuring the stability of the financial system. They stated this at a retreat organised by the NDIC in Lagos on “Maintaining a Resilient and Stable Banking System: The Role of NDIC.” Speaking at the event, the Chairman of the Committee Ahmed Usman Jaha, said that the Federal Government was dedicated to preserving financial stability, adding that the committee would take a proactive stance in formulating regulatory frameworks and providing support for the NDIC to effectively safeguard and secure depositors’ funds.
He noted that with a significant number of new legislators constituting over 75 per cent of members of the committee, it was decided that retreat was an opportunity to equip them with the knowledge required to con- tribute meaningfully to strengthening the financial sector, especially with regard to ensuring the safety of depositors’ funds. He said: “As the chairman of the House Committee on Insurance and Actuarial Matters, I am deeply committed to the advancement and oversight of the insurance and banking sectors in our country.
“I believe that the stability and resilience of our banking system are fundamental to the overall economic well-being of Nigeria. The role of NDIC in safe guiding the interests of depositors, maintaining financial stability, and promoting public confidence in the banking sector cannot be overstated. “It is, therefore, imperative that we, as representatives of the people, engage in meaningful discussions and collaborations with the NDIC to ensure the effective- ness of this mandate.”
He further said: “This retreat provides us with a valuable opportunity to engage in insightful discussions share knowledge, to gain a deeper understanding of the challenges and opportunities facing the banking and insurance industry. By doing so, we can collectively develop informed policies and strategies that will promote a stable, resilient, and inclusive banking system for the benefit of all Nigerians.
