Finance Minister inaugurates new NDIC Board, urges financial stabilization

New Board members with Finance Minister, Mrs Zainab Ahmed after their inauguration on Thursday

Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed has inaugurated the Board of Directors of the Nigeria Deposit Insurance Corporation (NDIC) and charged them to bring their experience to bear by contributing to the stability of Nigeria’s Financial system.

Speaking at the event on Thursday, told the new board members,” You are assuming duty at a time when Nigeria’s Financial System is still facing some challenges and requires efforts aimed at addressing issues such as corporate governance, high level of non- performing loans and slide in revenue, the potential benefits and risks associated with the Financial Technology (fintech) and block chain technology are also on the front burner.

“These and other challenges can cause threat 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 National Development Plan, 2021-2025.”

According to her, their appointment cuts across representatives from the six-geopolitical zones of the country, making a fair and equitable representation on the Board of the NDIC, stressing that with the calibre of personalities appointed on the board, these challenges would be addressed head-on.

Ahmed therefore charged them to design policies and programmes with the management team to enable the corporation deliver on its mandate.

While congratulating the Chairman and members of the Board on their appointments, Mrs. Ahmed noted that the mandate of the corporation was to provide financial guarantee to depositors of insured banks in the event of failure, supervision of Insured banks, distress resolution and liquidation of failed banks.

She added that the corporation has been Consistent in remitting its 80% operating surplus to the consolidated Revenue Fund (CRF) of the Government among many other milestones achieved.

The Minister assured the board members and the management team of the continuous support of the ministry in the discharge of their responsibilities. She advised the board members not to interfere in the day to day administration of the Nigeria Deposit Insurance Corporation which is the responsibility of the management team.

Earlier, the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Mallam Aliyu Ahmed, said the occasion signifies the formal assumption of office by top government functionaries and affords them opportunity to be focused on key issues of interest and concern.

The Permanent Secretary stated that the Nigeria Deposit Insurance Corporation (NDIC) has greatly contributed to the stability of the financial system in the country.

He disclosed further that the corporation acts as Deposit Insurer for Banks deposits, and Liquidator of Insured institution whose licenses had been revoked by the Central Bank of Nigeria (CBN) as well as rendering assistance to insured institutions in the interest of depositors.

Responding on behalf of the members, the Chairman of the Board, Dr.

Abdulhakeem Mobolaji Abdullateef, thanked President Muhammadu Buhari on their appointment and the confidence reposed on them to pilot the affairs of the organization.

He promised not to disappoint the trust bestowed on them in discharging their responsibilities.

In a statement by Mr Stephen Kilebi, the Ministry’s Director of Press and Public Relations, on Thursday, members of the Board of Directors include: Dr. Abdulhakeem Mobolaji Abdullateef as Chairman, South-West, Prof. Osita Ogbu, South-East, Engr. Umar Gambo Jibrin, North-Central and Mohammed Attahiru Haruna, North-East.

Others are: Mrs. Yasmine Zabatt Amin Dalhatu, North-West, Mr. Simon Ogie Dada, South-South and Mr. Abimbola Olasure, South-West.

The Management Team is comprised of: Managing-Director (MD), Bello-Hassan, Mrs. Emily Osuji, Executive Director (Corporate Services), Mustapha M. Ibrahim (Executive Director, Operations).

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