The Senate Committee on Banking, Insurance and Other Financial Institutions has called on the Nigeria Deposit Insurance Corporation (NDIC) to uphold the highest standards of accountability, prudence, and professionalism in the handling and utilization of public resources.
Chairman of the committee, Senator Mukhail Adetokunbo Abiru (often referred to as Senator Tokunbo Abiru), delivered the charge during an oversight visit to the NDIC's Owerri Zonal Office in Imo State on Friday.
Represented by Senator Osita Izunaso (Imo West), the chairman emphasized that while the Senate is committed to bolstering the NDIC's operations, it expects nothing less than exemplary stewardship of public funds.
"Let me assure you that the Senate remains committed to supporting the NDIC through appropriate legislation and budgetary provisions, where justified, to enable the Corporation discharge its responsibilities effectively," the representative stated.
"At the same time, we expect the highest standards of accountability, prudence, and professionalism in the use of public resources."
The oversight function allowed committee members, including Senators Tony Nwoye (Anambra North) and Kelvin Chukwu to engage directly with NDIC management and staff. Discussions focused on reviewing ongoing programmes, evaluating operational challenges, examining working conditions, and assessing key areas such as funding, staffing, infrastructure, inter-agency collaboration, and compliance with relevant laws and policies.
The visit forms part of the committee's broader mandate to monitor the performance and effectiveness of agencies under its purview, ensuring they operate transparently and efficiently in safeguarding depositors' interests and maintaining financial system stability.
The NDIC, as Nigeria's deposit insurer, plays a critical role in protecting bank depositors and promoting confidence in the banking sector.
The Senate's assurance of legislative and budgetary support underscores efforts to strengthen the corporation's capacity amid evolving economic and financial challenges.
This latest engagement highlights ongoing parliamentary scrutiny of public institutions to promote good governance and fiscal responsibility across Nigeria's financial regulatory framework.
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