Dr. AbdulHakeem AbdulLateef, the Chairman of the Nigeria Deposit Insurance Corporation (NDIC), has exposed how cabals padded corporation’s bill the former President Muhammadu Buhari signed into law.

He reiterated his commitment to expose all the corrupt practices within the agency.

In a video shared on his Facebook page on Monday June 12, 2023, Dr. AbdulLateef revealed the existence of a cabal that is hindering the progress of the agency.

He expressed his determination to cleanse the system and expose those who are working behind the scenes to frustrate the efforts of the federal government.

“I am committed to speaking the truth, even if today is my last day on earth,” Dr. AbdulLateef pledged.

He emphasized that the fight against endemic corruption in the country should not rest solely on the shoulders of Asiwaju, but every head of agency and parastatal in Nigeria should step up and inform the president about the corruption within their respective organizations.

“I must confess that the NDIC has been affected by corruption,” he admitted.

Dr AbdulLateef revealed that the corrupt individuals in Nigeria are vehemently retaliating by manipulating documents and coercing officials to sign fraudulent papers.

“When you are truly ready to combat corruption and bring about real change, you will find champions who will support you, as well as skeptics who will try to obstruct your efforts,” he stated.

Regarding the establishment of the NDIC, Dr. AbdulLateef explained that it was created as an independent agency to safeguard depositors’ funds in banks and financial institutions, protect Nigerians from the misconduct of bank directors, and ensure that deposited funds remain secure even if banks fail.

“The NDIC inspects banks to ensure they are not mishandling depositors’ funds, verifies the creditworthiness of borrowers, and ensures banks are managed in a manner that satisfies depositors,” he said.

He added that the agency resolves issues when depositors report bank failures.

“Regrettably, the cabal has infiltrated the NDIC and manipulated documents. They convinced former President Buhari to sign a doctored document that differs substantially from the original document approved by the National Assembly,” he lamented.

Upon his appointment, AbdulLateef stated that he came to serve and eliminate all corrupt practices within the agency, dismissing the need for congratulations from Nigerians.

He acknowledged the integrity of the National Assembly and revealed that the original records of their proceedings had been tampered with. The cabal’s intention was to enable only the Central Bank of Nigeria (CBN) to appoint directors, effectively sidelining the NDIC. The original proceedings allowed only the president to appoint competent directors without the CBN governor’s recommendation, with each of the six geopolitical zones represented.

Sadly, the cabal fraudulently replaced the original document.

Dr AbdulLateef further alleged that the cabal has obstructed the career progression of all 1,600 NDIC employees, preventing them from becoming directors by stipulating that only the CBN has the authority to make appointments.

As a result, demoralized and demotivated workers are protesting this injustice, believing they have no chance for advancement.

He also highlighted that depositors are suffering because banks are failing to provide satisfactory services.

“My desk is inundated with thousands of petitions from frustrated Nigerians who have been mistreated by the NDIC. The cabal has stripped the agency of its independence, rendering it powerless without the consent of the CBN,” he lamented.

Dr. AbdulLateef emphasized that the Nigeria of today is different from the Nigeria of the past, and Asiwaju’s determination and boldness alone cannot bring about the desired change. The heads of agencies and parastatals must be prepared to endure the challenges that lie ahead.

While urging agencies to report any wrongdoing, he expressed his indifference to potential removal from his position, as long as he can continue to worship Allah.

He stated that the president should investigate the new law that deprives depositors, who are representatives of the Ministry of Finance, of their rights. It is crucial to examine why the final version of the law differs from what was initially passed.

He continued that the newly enacted legislation is considered null and void, stressing that the president’s approval was given to a bill that significantly deviates from what was approved by the assembly.

“It is necessary for the new administration to return the act to the National Assembly for further deliberation and debate,” he said.