Abuja — Chairman, Board of Directors of the Nigeria Deposit Insurance Corporation (NDIC), Ambassador Hassan Adamu, has said that the recent N620billion bailout for troubled banks by the CBN is not a guarantee against their failure.

He advocated an enduring regime of proactive measures to ensure that the banks remain safe and sound.

Adamu made his view known in Abuja at a dinner to round off the induction course for members of the new board of NDIC.

According to him, "Pumping money into banks is not the only solution to banks' failure. Big banks have failed and can fail again. We (CBN and NDIC) have to continue to put in place measures that would ensure healthy banks."

In her speech, the Chairman of the Senate Committee on Banking, Currency, Insurance and other Financial Institutions, Senator Nkechi Nwaogu, praised the President, Alhaji Umaru Musa Yar'Adua for putting in place a group of committed members on the new NDIC board.

The resourcefulness of the board, she said, is very handy now that the government is desirous of having a rebirth of the banking system.

She assured that the Senate would collaborate with the new board to give Nigeria the best deposit insurance scheme that would take enable Nigeria realise the year 2020 vision. The Senate, she revealed, was already tinkering with the NDIC Act 2006, to give Nigeria an institution that other countries would emulate.

Her counterpart from the House of Representatives, Ogbuefi Ozomgbachi, said that both the small and large depositors would be taken into consideration in fashioning out a new NDIC law that would ensure a safe banking system in Nigeria.