NDIC remits N7b into Consolidated Account in 2018
The Nigeria Deposit Insurance Corporation (NDIC) says it has remitted N7billion into the Consolidated Revenue Account as its operating surplus for last year.
Its Managing Director/Chief Executive, Mallam Umar Ibrahim, who spoke yesterday in Abuja at the inauguration of newly appointed board of directors of the Corporation by Minister of Finance Hajiya Zainab Ahmed said the fund was the Corporation’s normal contribution as required by the Fiscal Responsibility Act.
Before inaugurating the NDIC Board, Hajia Ahmed urged members of the board “to exhibit high ethical values in the discharge” of their responsibility.
She told them: “You are assuming duty at a time when the Nigerian financial system is still facing some challenges and requires efforts aimed at addressing issues such as corporate governance, high level of non- performing loans etc. “You are also coming at a time when the system is grappling with the issues related to meeting the target of reducing financial exclusion in Nigeria to about 20 percent by year 2020″.
She said the potential benefits and risks associated with the financial technology and block chain technology are also on the front burner. “These and other challenges can cause threats to the stability of our financial system and must be addressed promptly for the sector to play its role in facilitating the implementation of the Economic Recovery and Growth Plan (ERGP),” she said.
Members of the NDIC board inaugurated on Thursday include Barrister Festus Keyamo, (SAN); Alhaji Garba Bello; Bri-Gen. Josef O. J. Okoloagu; Mustapha Adewale Mudashiru and Mr. Adewale W. Adeleke.
Responding on behalf of the board members, board Chairman, Mrs. Ronke Sokefun assured the minister that board members would put their wealth of experience gathered over the years to impact positively on the corporation overall mandate.
She assured the minister and all stakeholders that they will live up to the responsibility reposed in them by President Muhamnadu Buhari. “We will bring our wealth of experience to bear on the corporation and the Nigerian banking system particular in the discharge of corporation’s mandate to ensure strict compliance with corporate governance principle,”she said.
