Senate pledges to support financial institutions

President of the Senate, Ahmad Lawan, says the upper legislative chamber is committed to promoting a healthy environment for banks and other financial institutions in the country.

Lawan stated this while addressing the management team of the National Deposit Insurance Corporation (NDIC) led by its Managing Director, Umar Ibrahim, in his office on Wednesday, June 26, 2019.

The Senate President noted that members of the 9th Senate are desirous of a stable economy which he said could only be achieved 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 engagements, saying the National Assembly would not relent in its oversight functions to ensure that Nigerians 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," Lawan said.

“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. "

The President of the Senate assured his guests that the NDIC Act pending in the Senate would receive urgent attention as soon as they Senate resumes.

“The Bill on 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 reclaim it’s lost glory. 

"We cannot have a stable economy and even country without an healthy banking system, so we will continue in our duties to ensure that our banking system are reliable," he assured.

Lawan berated the Nigerian Agricultural Insurance Corporation (NAIC) for failing to meet the demands of those he described as "disadvantaged farmers".

“We must encourage and empower these farmers. Agricultural produce add huge impacts into 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.”

On his remarks, NDIC Managing Director, Umar Ibrahim, reiterated that the NDIC would work with the National Assembly for the safety of the banking and financial sectors.

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

The Managing Director noted that 60 per cent of Nigerians still find it difficult to access banking facilities adding that the Corporation is working to ease this trend and make available avenue to contain the situation.

Earlier, the Old Boys Association of the Gasosa Governments College, Yobe, paid a courtesy visit to the President of the Senate with the call on the newly inaugurated members of the 9th Assembly to remain focus to the course of nation building.

The National President of the Association, Professor Abdulkadir Shetimma, led other members to his office.

Reacting, the President of the Senate, said the position is base on trust. “This position I am holding today is trust, I see elections into these offices as trust to Nigerians. I will always do everything that will be beneficial to Nigerians. We in the 9th Senate will give back to Nigerians, dividend of their investments.

“Responsibilities have come to us to be committed, humble and respect to serve the nation better. We will stand for every Nigerian and we will be guided," he added.