“Senate To NDIC: Wake Up And Guard Depositors Or Face Financial Meltdown!”

The Senate Committee on Banking, Insurance and Other Financial Institutions has strongly advised the newly appointed leadership of the Nigeria Deposit Insurance Corporation (NDIC) to shift focus toward early detection of banking sector risks in order to better protect depositors’ funds — ACCORDING TO IREPORTER ONLINE.

During the NDIC 2025 Retreat held in Niger State on Monday, Committee Chairman Senator Mukhail Abiru emphasized the urgent need for proactive crisis prevention, stressing that the agency should not limit its efforts to responding after financial institutions have collapsed.

Abiru noted the rising challenges posed by cyber threats and digital vulnerabilities, urging the NDIC to strengthen internal risk management and adopt enhanced early warning mechanisms.

“We live in a fast-changing financial landscape,” he said. “I trust you are already considering how to embed dynamic risk management approaches into the oversight structure you now lead.”

The Senator reaffirmed that the legislature would continue to support the Corporation to ensure it effectively delivers on its mandate — ACCORDING TO IREPORTER ONLINE.

Backing Abiru’s call, Senator Babangida Hussaini (Jigawa North-West) highlighted that prevention must take precedence over intervention, stressing that the NDIC must actively safeguard against financial distress before it occurs.

He further urged the new management to revisit unresolved insider abuse cases flagged in an EFCC report, while also addressing supervisory lapses observed during a Senate oversight visit to the NDIC’s Kano office.

Meanwhile, NDIC Managing Director Dr. Oludare Sunday appreciated the Senate’s support and pledged that the new leadership would build on the Corporation’s existing structures without unnecessary disruption.

He assured the lawmakers of consistent collaboration and a renewed focus on improving cybersecurity defenses and internal controls.

Sunday concluded by saying the NDIC team was committed to transparency, accountability, and reform — ACCORDING TO IREPORTER ONLINE.

”IREPORTER REPORTS”