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Ahmed inaugurates NDIC board, charges them to contribute to stability of financial system

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Minister of Finance and Budget, Zainab Ahmed has inaugurated the Board of Directors of the Nigeria Deposit Insurance Corporation (NDIC), and charged them to bring their experiences to bear on their assignment.

The minister told the board members at the inauguration to contribute to the stability of Nigeria’s financial system.

Ahmed said: “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 blockchain technology are also on the front burner.”

These and other challenges can cause a 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 Ahmed, 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 caliber of personalities appointed on the board, these challenges would be addressed head-on.

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

READ ALSO: Immense economic challenges await Tinubu after inauguration fanfare

While congratulating the Chairman and members of the NDIC Board on their appointment, Mrs. Ahmed noted that the mandate of the corporation was to provide a 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.

Responding on behalf of the Board members, the Chairman of the Board, Dr. Abdulhakeem Mobolaji Abdullateef, thanked President Muhammadu Buhari for their appointment and the confidence reposed on them to pilot the affairs of the organisation.

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

The members of the Board of Directors include Abdulhakeem Mobolaji Abdullateef as Chairman, South-West, Osita Ogbu, South-East, Umar Gambo Jibrin, North-Central and Mohammed Attahiru Haruna, North-East.

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

The management team is comprised of Managing Director (MD), Bello-Hassan; Emily Osuji, Executive Director (Corporate Services), Mustapha M. Ibrahim (Executive Director Operations).

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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