A Bill seeking to amend the Nigeria Reinsurance Corporation Act Cap.N131, 2004, to provide for the
payment of all monies received by the Corporation into the Federation Account is at the second session at the Senate.
The Bill sponsored by Senator Philip Aruwa Gyunka, representing Nasarawa North senatorial District, dated June 22, 2017 and cited as: Nigeria Reinsurance Corporation Amendment Bill 2017, wants the corporation to pay all monies it receives into the Federation Account in accordance with Section 162 of the Constitution of the Federal Republic of Nigeria 1999 (as amended).
Information obtained from the National Assembly website reads: “SB. 439 This Bill may be cited as Nigeria Reinsurance Corporation (Amendment) Bill, 2017.’’ This Bill seeks to amend the Nigeria Reinsurance Corporation Act Cap. N131 Laws of the Federation of Nigeria, 2004 to provide for the payment of all monies received by the Corporation into the Federation Account in accordance with Section 162 of the Constitution of the Federal Republic of Nigeria 1999 (as amended).”
The Senator seeks amendment of Section 11 of the principal Act of the firm to be substituted for the following new Section 11: “The funds of the Corporation shall consist – such funds as budgetary allocations, trust funds, subventions, grants-in-aid and loans as May, from time to time, are made by the federal government.
‘‘Such sums or property which may, from time to time by way of loan or grants and gift accrue to the corporation form any other government, Non-governmental bodies or individual and other monies received by the corporation which may in any way, become Pay or vested in the corporation by way of revenues, fees, levies, taxes, penalties, gifts, grant-in-aid, testamentary disposition and all other assets that may from time to time accrue to the corporation.
“All monies received or on behalf of the corporation shall be receipted and shall be paid into the federation account within 24 hours of receipt or the next working day.”
The senator also sought that Section 12 of the firm’s principal Act be deleted. More so, another bill seeking amendment of the firm’s Act is at the third session of the House of Representatives. The bill dated November 29, 2017 and cited as Nigeria Re-insurance Corporation Amendment Bill, 2017; was sponsored by Hon. Darlington Nwokocha, a member of the Federal House of Representative, representing the Isiala Ngwa North/South Federal Constituency, Abia State.
“This Bill may be cited as the Nigeria Re-insurance Corporation (Amendment) Bill, 2017;, EXPLANATORY MEMORANDUM;, An Act to amend the Nigeria Reinsurance Corporation Act.