NDIC Paid N7bn To FG In 2018, Says Ibrahim

The Nigeria Deposit Insurance Corporation on Thursday said it remitted N7bn into the Consolidated Revenue Fund as its operating surplus for 2018 operations.

The Managing Director/ Chief Executive of the corporation, Umar Ibrahim, gave the amount in Abuja at the inauguration of newly appointed boards by the Minister of Finance, Hajiya Zainab Ahmed.

Umar said the fund was the corporation’s normal contribution as required by the fiscal responsibility Act.

This came just as the minister of finance enjoined members of the board to exhibit high ethical values in the discharge of their responsibility.

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, and high level of non-performing loans.

“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 per cent by the year 2020.

“The potential benefits and risks associated with the financial technology and blockchain 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.”

Ahmed expressed confidence in the quality of members appointed on the board, stating that they were very capable and fit to address the challenges in the financial sector.

The Senate had last December confirmed the appointment of Mrs Ronke Sokefun as chairman of the board of the NDIC.

Members of the NDIC board include Festus Keyamo (SAN), Alhaji Garba Bello, Bri.-Gen. Josef Okoloagu, Mr Mustapha Mudashiru, and Mr Adewale Adeleke.

Responding on behalf of her board members, Sokefun assured the minister that they would put their wealth of experience to impact positively on the corporation’s overall mandate.

“I want to assure the minister and all stakeholders of Nigeria 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 particularly in the discharge of the corporation’s mandate to ensure strict compliance with corporate governance principle,” she added.