President Muhammadu Buhari has signed into law, the Nigeria Deposit Insurance Corporation (“NDIC”) Bill, the Arbitration and Mediation Bill and three other Bills, passed by the National Assembly, in furtherance of the provisions of Section 58 of the Constitution and pursuant to the Acts Authentication Act Cap. A2, Laws of the Federation of Nigeria 2004.
The Nigeria Deposit Insurance Corporation Act, which repeals the hitherto extant NDIC Act No. 16 of 2006, provides that NDIC is the insurer of all insurable deposit liabilities of insured institutions.
The Arbitration and Conciliation Act, which also repeals the hitherto extant Cap. A18 Laws of the Federation of Nigeria provides a unified legal framework for the fair and efficient settlement of commercial disputes by arbitration and mediation.
In a statement on Friday by the Senior Special Assistant to the President on National Assembly matters, Senate, Senator Babajide Omoworare said that President Buhari also assented to the Agricultural Research Council of Nigeria (Amendment) Act for the provision of the Federal.College of Agriculture, Ogoinbiri, Bayelsa State; the Institute of Environmental Practitioners of Nigeria (Establishment) Act; and the Chartered Institute of Directors, Nigeria (Establishment) Act.
Stay ahead with the latest updates! Join The ConclaveNG on WhatsApp and Telegram for real-time news alerts, breaking stories, and exclusive content delivered straight to your phone. Don’t miss a headline — subscribe now!
