NDIC remits N7bn into Consolidated Account in 2018

The Nigeria Deposit Insurance Corporation (NDIC) has remitted N7billion into Consolidated Revenue Account as its operating surplus for 2018 operations.

Its Managing Director/Chief Executive, Mallam Umar Ibrahim made this disclosure in Abuja at the inauguration of newly appointed board of Director of the Corporation by the Minister of Finance Hajiya Zainab Ahmed.

Umar Ibrahim stated the fund, was Corporation’s normal contribution as required by the fiscal responsibility Act.

Before inaugurating the NDIC Board, Minister of Finance Zainab Ahmed urged members of the board “to exhibit high ethical values in the discharge” of their responsibility.

According to her: “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”.

She added: “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).”

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

Responding on behalf of the board members, board Chairman,  Mrs. Ronke Sokefun, assured the board members would put their wealth of experience gathered over the years to impact positively on the corporation overall mandate.

She assured the Minister and all stakeholders of the Nigeria financial system that they will live up to the responsibility reposed in them by President Muhamnadu Buhari.