NDIC remits N7bn into Federation Account

Uche Usim, Abuja

The Nigeria Deposit Insurance Corporation (NDIC) on Thursday disclosed that it remitted N7 billion into the Consolidated Revenue Account (CRF) as its operating surplus for 2018 operational year, in line with the dictates of the Fiscal Responsibility Act.

The Managing Director/ Chief Executive of the Corporation, Umar Ibrahim, made the disclosure at the inauguration of the corporation’s newly-appointed Board of Directors by the Minister of Finance, Mrs Zainab Ahmed, in Abuja.

Earlier in her remarks at the inauguration, the Finance Minister urged the board members to live above board in all their dealings.

She said: “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.

“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.

The minister, however, expressed confidence in the calibre of members appointed on the board, describing them as thorough-bred professionals capable of planting the nation’s economy on the path of sustainable growth.

Recall that the Senate, in December, 2018, confirmed the appointment of Mrs. Ronke Sokefun as Chairman of the Board of the Nigerian Deposit Insurance Corporation.

Other members of the NDIC board include Mr Festus Keyamo, Alhaji Garba Bello, Bri-Gen. Josef O. J. Okoloagu, Mustapha Adewale Mudashiru, Mr. Adewale W. Adeleke.

Responding on behalf of her board members, board Chairman, Mrs. Ronke Sokefun, assured the minister that board members would bring their wealth of experience to bear to ensure that the corporation attained its mission and vision.

“I’ll like to thank President Muhammadu Buhari for finding us worthy of his trust by giving us this mandate. I also like to thank the minister for inaugurating this board today despite her very tight. I want to assure the minister and all stakeholders of Nigerian financial system that we will live up to the responsibility repose on us by Mr. President.

“We will bring our wealth of experience to bear on the corporation and the Nigerian banking system in particular in the discharge of the corporation’s mandate to ensure strict compliance with corporate governance principle,” she said.

The post NDIC remits N7bn into Federation Account appeared first on The Sun Nigeria.

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