President Buhari has assented to 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.
This was disclosed by the Special Assistant to the President on National Assembly matters (Senate), Senator Babajide Omoworare in a statement on Friday.
The NDIC Act repeals the hitherto extant NDIC Act No. 16 of 2006, and provides that NDIC is the insurer of all insurable deposit liabilities of insured institutions.
The Arbitration and Conciliation Act 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.
President Buhari also assented to the Agricultural Research Council of Nigeria (Amendment) Act for the provision of the Federal College of Agriculture, Ogboinbiri, Bayelsa State; the Institute of Environmental Practitioners of Nigeria (Establishment) Act; and the Chartered Institute of Directors, Nigeria (Establishment) Act.