The Nigeria Deposit Insurance Corporation (NDIC) Bill, the Arbitration and Mediation Bill, and three other bills passed by the National Assembly were all signed into law by President Muhammadu Buhari on Friday.
The President’s action was in accordance with Section 58 of the Constitution and the Acts Authentication Act, Cap. A2, Laws of the Federation of Nigeria 2004, according to Senator Babajide Omoworare, Senior Special Assistant to the President on National Assembly Matters (Senate).
According to him, “the NDIC Act repeals the hitherto extant NDIC Act No. 16 of 2006, which 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.”
He said the President 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.
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