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NDIC returns N7bn surplus to treasury

By Emma Ujah, Abuja Bureau Chief

ABUJA—Nigeria Deposit Insurance Corporation, NDIC, returned N7 billion operating surplus to the treasury at the end of its 2018 fiscal year.

Managing Director of the corporation, Mallam Umaru Ibrahim, who disclosed this, yesterday, said the money paid into the Consolidated Revenue Account of the Federal Government was a demonstration of the organisation’s adherence to the provisions of the Fiscal Responsibility Act.

He spoke, in Abuja, at the inauguration of the NDIC Board by Minister of Finance, Hajiya Zainab Ahmed.

The minister charged members of the board to demonstrate a high sense of responsibility in the discharge of their duties.

Ahmed told them to add value to the discharge of the mandate of the corporation by ensuring depositors’ confidence in the banking industry, especially at a time the nation was working towards expanding financial inclusion among its citizens.

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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.”

In her response, the Chairman. Mrs. Ronke Sokefun, assured the Minister that the board members would bring their wealth of experience to bear on the discharge of their duties.

“On behalf of members of the board of NDIC, I want to assure the Minister and all stakeholders of Nigeria financial system that we will live up to the responsibility reposed on us   by Mr. President

“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 “,

Members of the board included Barr. Festus Keyamo, Alh. Garba Bello, Bri-Gen. Josef O. J. Okoloagu, Mustapha Adewale Mudashiru and Mr. Adewale Adeleke.

 

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