The Nigerian Deposit Insurance Corporation (NDIC) has remitted N7bilion to the federation’s consolidated revenue account as its operating surplus for 2018 in line with the Fiscal Responsibility Act.
Umar Ibrahim, NDIC Managing Director/ Chief Executive confirmed the remittance on Thursday in Abuja at the inauguration of newly appointed NDIC board members by the Minister of finance Zainab Ahmed.
Umar said the fund, was the corporation’s normal contribution as required by the fiscal responsibility Act and that he was hopeful that they would exceed this amount in 2019, particularly with the new board.
The board was being re-constituted almost four years after its dissolution by President Buhari in 2015.
At the brief event, the finance minister noted that the board was being inaugurated amid a myriad of challenges in the financial system which required capable hands to fix as she urged members to exhibit high ethical values in the discharge of their responsibilities.
“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 told them.
According to her, 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)”, the minister added.
The Senate had last December, confirmed the appointment of Ronke Sokefun as Chairman of the Board of the Nigerian Deposit Insurance Corporation as well as Festus Keyamo, SAN, Garba Bello, Josef O. J. Okoloagu, Mustapha Adewale Mudashiru, Adewale W. Adeleke as members.
The minister told the board members that she was confident of their capacity to handle present challenges, urging, “I implore you to familiarise yourselves with your roles in order to provide a conducive atmosphere that would ensure a harmonious working relationship with the management.
“I do not expect you to interfere in the day to day running of the organisation but to be guided strictly by the extant laws, rules, and regulations governing the organization.
“I also expect you to ensure prudence in the management of the organisation’s resources in line with the policy direct of the President Buhari’s administration.”
Onyinye Nwachukwu, Abuja
