LEGISLATION
MR Ahmed Jaha, Chairman of the House of Representative Committee on Insurance and Actuarial Matters has reaffirmed the Federal Government’s dedication to upholding a stable financial system.
He said this at a retreat organised by the Nigerian Deposit Insurance Corporation (NDIC) for members of the 10th Assembly on Wednesday in Lagos.
The News Agency of Nigeria (NAN) reports that the meeting has the theme, “Maintaining a Resilient and Stable Banking System: The Role of NDIC”.
Jaha pledged the committee’s commitment to taking proactive steps toward a more robust and secure financial system in Nigeria, with a strong focus on protecting the interests of depositors.
Jaha said, “with a significant number of new members, comprising over 75 per cent of the committee in the 10th Assembly, there is a pressing need for these representatives to gain a comprehensive understanding of the intricacies of the insurance sector.
The retreat, he said, would equip members with the knowledge required to contribute meaningfully to the sector’s advancement, particularly in ensuring the safety of depositors’ funds.
Jaha added, “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 effectiveness of this mandate.
“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.”
He also highlighted the committee’s commitment to a collaborative approach to financial stability in Nigeria.
He emphasised the importance of strong legal frameworks for financial safety net agencies and acknowledges their critical role in protecting consumers and fostering a resilient financial system.
Jaha underscored the importance of the NDIC, while emphasising the committee’s focused approach to acquiring knowledge and contributing meaningfully towards a shared goal.
According to him, this signifies a positive intention for improved collaboration and effective depositor protection within the Nigerian financial system.
He said, “NDIC as you are all aware, provides the safety of depositors funds and promotes depositors’ confidence in the financial system in the country.
“So, the committee is ready when given the required knowledge and development, to collaborate with NDIC to make sure that we have succeeded in achieving that.”
Furthermore, on the confidence on the banking sector, he said, “As far as we are concerned and as far as the effort of the NDIC, particularly in trying to protect depositors’ funds and various banks, I am optimistic that we will not have a lot of issues.
“From my understanding, NDIC is doing everything it takes to protect depositors’ funds in our various financial institutions.”
Earlier, Mr Bello Hassan, Managing Director/Chief Executive Officer NDIC, noted that the financial indicators affirmed the robustness of the banking system.
He reassured that depositors in banks, protected by NDIC, could have confidence in the safety of their funds.
“This theme is apt given the determination of the Federal Government toward achieving sustainable growth by strengthening the financial sector to boost economic growth.
“This falls in line with the corporations’ contribution to ensuring the stability of the financial system by effectively supervising the banking sector and safeguarding depositors’ funds from the adverse effects of bank failure.”
Speaking on the sidelines, Hassan added: “The banking system, today, in Nigeria is safe and sound.
“I’m saying this not out of sentiment, but looking at the financial soundness indicators, in terms of capital adequacy, the quality of earnings, and the quality of the assets.
“So, I can confidently say that the banking system in Nigeria today as we speak, is safe and sound and depositors can continue to patronise, licensed deposit-taking institutions that are fully insured by the NDIC.”(NAN)
T.
-January 18, 2024 @ 6:03 GMT|
Tags: Ahmed Jaha
