FG Inaugurates NDIC Board, Charges Members on Service Delivery
By Zeenat Sambo
The Minister of Finance, Budget and National Planning, Zainab Ahmed, has charged the new Board of Directors of the Nigeria Deposit Insurance Corporation (NDIC) to support policies and programmes of the management that are geared towards meeting its mandate.
The board, she said, is expected to remain committed to ensuring policy formulation, strategic planning as well as oversight to ensure that the organisation operates within the ambit of the law.
She made the call at the inauguration ceremony of the new NDIC board at the Ministry’s headquarters on Thursday in Abuja.
The Board membership cuts across the six geopolitical zones of the country with.
Hon Abdulhakeem Mobolaji Abdullateef, is the Chairman and he is from South West Zone.
The Board members include Professor Osita Ogbu, (member) from South East Zone; Umar Gambo Jibrin, (member) from North Central Zone; Mohammed Attahiru Haruna (member) from North East Zone; Yasmin Zabath Dalhatu (Member, from North West zone; Simon Ogie, (member), from South South Zone.
While Abimbola Olashore is the representative of South West Zone, other members include, Muhammed Ali, Director Home Finance (member), Institutional (Rep of Federal Ministry of Finance, Budget and National Planning); Haruna B. Mustapha, Director Banking Supervision Department, (member), Institutional (Rep of Central Bank of Nigeria); Bello Hassan, Managing Director (member), by virtue of office; Mustapha M. Ibrahim, Executive Director Operations (member), by virtue of office; and Ms Emily Osuji, Executive Director Corporate Services (member), by virtue of office.
The NDIC was established by Act No.22 of 1988 that was repealed and replaced with the NDIC Act No.16 of 2006, to insure the deposit liabilities of licensed banks operating in Nigeria. The mandate of the corporation is to provide financial guarantee to depositors of insured banks in the event of failure, supervision of insured banks, distress resolution and liquidation of failed banks.
The minister noted that NDIC is the only Agency responsible for administering Deposit Insurance Scheme (DIS) in Nigeria and provide financial guarantee to depositors of all deposit taking financial institutions thereby promoting public confidence in the banking system. The scheme is designed to provide a further layer of protection to depositors’ in partnership with the Central Bank of Nigeria in order to ensure safe and sound banking practice in Nigeria.
She said since the NDIC’s establishment over three decades ago, the corporation has performed creditably well and its performance in this regard provides details of bank resolution undertaken, Merger and Acquisitions and reimbursement to depositors among others, and this, she said, should be a top priority for the new Board. The corporation, she added, has been consistent in remitting 80% operating surplus to the Consolidated Revenue Fund (CRF).
While congratulating the board members on their appointment by President Muhammadu Buhari, she appealed to the members to avoid mix up in the delivery of their mandate and avoid conflict in discharging their responsibilities.
The chairman of the NDIC board Abdulhakeem Abdullateef thanked the President, Senate and the Minister for conferring such honour on them. He said the Board would work closely with the management and ensure the delivery of impeccable services.
“We want to assure you that we will stay on our lane. We have much to do and we do not need to do anybody’s job. We understand the mandate of this commission which is deposit guarantee, bank supervision and stress resolution as well as bank liquidation. We are ready to effect more positive changes in the financial institution in line with the interest of the coming administration.”