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CBN Faults Proposed NDIC Powers To Liquidate Insurance Companies

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The Central Bank of Nigeria (CBN), yesterday, kicked against current legislative moves to give the Nigerian Deposits Insurance Corporation (NDIC) powers to liquidate insurance companies in the country, saying it will be duplicating a responsibility it plays already.

The apex bank and the NDIC appeared at a one-day public hearing of the House of Representatives Committee on Banking and Currency on a bill for an Act to repeal the NDIC Act 2006 and re-enact the NDIC Act 2014. Continue Reading

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