News Column

CBN Challenges NDIC Over Insurance Companies Liquidation

July 8, 2014

Muhammad Bello

The Central Bank of Nigeria (CBN) has challenged the proposed statutory amendment seeking to empower the Nigerian Deposits Insurance Corporation (NDIC) to liquidate insurance institutions in the country.

The CBN rejected the bill Tuesday at a one-day public hearing of the House of Representatives committee on banking and currency on a bill that sought to amend the 2006 Act and re-enact the 2014 NDIC Act.

This is as the House mandated its committee on customs to liaise with the Nigerian Customs Service to find ways of curbing smuggling at Nigerian borders.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: AllAfrica

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters