New NDIC Board Chairman Condemns Passage of NDIC Act, 2023, Alleges Corruption and Misrepresentation

New NDIC Board Chairman Condemns Passage of NDIC Act, 2023, Alleges Corruption and Misrepresentation

…By Babatunde Lucas for TDPel Media. Abdulhakeem Abdullateef, the newly appointed Board Chairman of the Nigeria Deposit Insurance Corporation (NDIC), expressed strong disapproval of the recently passed NDIC Act, 2023.


He accused the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and others of providing misleading information to former President Muhammadu Buhari, leading to the signing of the bill into law.

Abdullateef asserted that the version of the act signed by the president contained sections that were not present in the version passed by the National Assembly.

Need for Independence:

Abdullateef, a former Lagos State Commissioner for Home Affairs, emphasized the importance of the NDIC functioning as an independent agency, free from the influence of the CBN Governor, who currently holds the power to appoint the NDIC Managing Director.

He argued that the new law restricts the president from appointing a managing director for the agency.

Abdullateef tearfully appealed to President Bola Tinubu to investigate the passage of the NDIC Act, 2023.

Concerns and Allegations:

During a Facebook Live session, Abdullateef claimed that the NDIC was plagued by corruption and that there were significant irregularities in the enactment of the new law.


He referred to the NDIC Act, 2023 as “Emefiele’s act,” implying that it was influenced by the suspended CBN Governor.

Abdullateef highlighted the inclusion of section 7, which stripped the Ministry of Finance of its responsibilities and replaced them with two directors from the CBN.

He urged President Buhari to delay any action on the law until it is thoroughly investigated.

Invalidity of the Law:

Abdullateef pointed out a critical flaw in the new act, stating that when a bill differs significantly from what was passed by both the Senate and the House of Representatives, it becomes null and void.

He called for the new administration to return the act to the National Assembly once it is proclaimed, allowing members to engage in a thorough debate.

Abdullateef urged President Buhari not to act on the new NDIC Act until it has been properly scrutinized.


The Chairman of the NDIC, Abdulhakeem Abdullateef, expressed his condemnation of the NDIC Act, 2023, and accused the suspended CBN Governor, Godwin Emefiele, of influencing its passage.

He called for an investigation into the law’s enactment and emphasized the need for the NDIC to operate independently.


Abdullateef also highlighted discrepancies between the version signed by the president and the one passed by the National Assembly, suggesting that the law may be invalid.

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