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The NDIC is parastatal under the Nigerian Ministry of Finance. The corporation is charged with protecting the banking system from instability occasioned by runs and loss of depositors' confidence. [2] It operates under the Nigeria Deposit Insurance Corporation Act (1990). [3] The NDIC is a member of the Financial Reporting Council of Nigeria. [4]
Act no. Short title 1: National Public Health Institute of South Africa Act, 2020: 2: Border Management Authority Act, 2020: 3: National Minimum Wage Amendment Act, 2020: 4: Division of Revenue Act, 2020: 6: Defence Amendment Act, 2020: 7: Appropriation Act, 2020: 8: Civil Union Amendment Act, 2020: 9: Science and Technology Laws Amendment Act ...
Nigeria Deposit Insurance Corporation, an independent agency of the Federal Government of Nigeria This page was last edited on 31 July 2018, at 09:54 (UTC). Text is ...
Nigerian Electricity Regulatory Commission (NERC) Nigerian Content Monitoring and Development Board (NCMDB) Nigerian National Petroleum Corporation (NNPC) Nigerian Nuclear Regulatory Authority (NNRA) Petroleum Product Pricing Regulatory Agency (PPPRA) Power Holding Company of Nigeria (PHCN) - defunct [1] Rural Electrification Agency (REA)
If deposit insurance is provided by another business or corporation, like other insurance agreements, there is a presumption that the insurance corporation would either charge higher rates or refuse to cover banks that engaged in extremely risky behavior, [87] which not only solves the problem of moral hazard but also reduces the risk of a bank ...
As of 2013, it was reported that NERFUND ran at huge losses up to N5.7 billion. [4] As of 2017, NERFUND had N17.5bn in bad loans. [5] After a special assessment report by the Nigeria Deposit Insurance Corporation and the Central Bank of Nigeria, Mahmoud Isa-Dutse, the Permanent Secretary, Federal Ministry of Finance announced the closure of NERFUND stating it was too expensive to run, it has a ...
The Nigeria Deposit Insurance Corporation took over as liquidator, sealing the bank's offices. [5] At the time it was closed, the bank had 140 branches. [6] The bank's owners fought the closure in court. In a ruling on 20 October 2006, the Abuja High Court said the CBN had acted properly in revoking the bank's licence. Further appeals followed. [7]
The Chartered Institute of Bankers of Nigeria (CIBN) is the umbrella professional body for bankers in Nigeria. The CIBN was incorporated in 1976 as the Nigerian Institute of Bankers. It was chartered in 1990, and is now covered by the CIBN Act 5 of 2007. The Institute is authorized to regulate the banking profession, set standards for bankers ...