The Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani, said the committee has resolved to collaborate with the Nigeria Deposit Insurance Corporation to protect depositors’ funds against cyber-attack in commercial banks across the country.

Sani said the decision was part of the outcome of a retreat organised by the NDIC for the committee in Kaduna, the Kaduna State capital.

The retreat had as its theme, ‘Financial system stability: a panacea for sustainable economic growth and development – the role of the NDIC.’

The senator expressed concern over Internet cybercrime in the banking sector and noted that the committee would strengthen the existing NDIC law to fight cybercrime.

Sani, representing Kaduna Central, described as troubling and disturbing the issue of cybercrime in the financial sector of the nation’s economy.

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According to him, the NDIC was ready, prepared, and had expertise but needed the support of the committee to carry out its mandates of protecting depositors’ funds in banks.

Also speaking, the Managing Director of the NDIC, Alhaji Bello Hassan, said the theme of the retreat was topical, particularly in the light of current developments in the economy and the challenges presented by the complexity of the financial system.

Bello said the corporation would continue to contribute its quotas for the nation’s economic growth and development by ensuring financial system stability.

In his goodwill message, the Chairman of the NDIC Board, Mrs Ronke Shokefun, said that the stability of the financial system in developing nations, such as Nigeria, was tied to economic growth and welfare.