Nigerian Economy

…Commends agency for 80% surplus remittance

Emma Ujah, Abuja Bureau Chief

The Minister of Finance, Mrs. Zainab Ahmed, yesterday promised to assist the Nigeria Deposit Insurance Corporation (NDIC) to realise its provisions of the Banks and Other Financial Act (BOFIA).

She also promised to liaise with the National Assembly to facilitate the amendment of the NDIC Act 2006, which has been in the works for many years

The minister spoke while inaugurating Mrs Emily Osuni as the Executive Director Corporate Services of the corporation, in Abuja, yesterday.

According to her, “The Ministry is ready and willing to assist in any direction that the Management would give a special brief on the issues that arose on the recently amended Banks and Other Financial Act (BOFIA) 2020”.

The corporation has been working on the amendment of its Act in order to have more powers in the discharge of its mandate on the liquidation of failed banks.

Mrs.Ahmed charged the Board of NDIC to strictly in line with the guidelines, regulations and Circulars that guide the operation and conduct of Governing Boards of Federal Government Parastatals, Agencies and Commissions, as issued by the Secretary to the Government of the Federation.

The minister commended the Nigeria the corporation for remitting 80 percent of its operating surplus to the Consolidated Revenue Fund (CRF), as required by the Fiscal Transparency Act.

“Over the years, the Corporation has become an important component of the nation’s financial safety net and at the forefront of activities that promote financial system stability through its contribution to Financial inclusion and other economic policies of Government” the minister said.

In her.remarkrs, the chairman of the board Mrs. Ronke Sokefun said that the NDIC was in the process of making another remittance into the Consolidated Revenue Fund

Mrs. Emily Chidinma Osuji, the new Executive Director (Corporate Services) until her appointment was the Director, Asset Management Department of NDIC.

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