2018 Operating Surplus: NDIC Remits N7bn To Treasury
BY COBHAM NSA, ABUJA – Nigeria Deposit Insurance Corporation (NDIC) says it ended the 2018 financial year by returning N7 billion as operating surplus to the national coffers.
According to the Corporation’s Managing Director and Chief Executive, Mallam Umaru Ibrahim, the amount was remitted to the government’s Consolidated Revenue Account in line with extant provisions of the Fiscal Responsibility Act (FRA).
Mallam Ibrahim, who spoke at the inauguration of the NDIC Board by Minister of Finance, Hajiya Zainab Ahmed in Abuja on Thursday, said as a responsible public institution, the Corporation will not renege in demonstrating strict adherence to existing fiscal rules and policies of government.
In her remarks at the occasion, Finance Minister Ahmed challenged the board members to exhibit high sense of responsibility in discharging their duties to the Corporation and Nigeria.
She urged them to ensure their activities are value added to NDIC’s mandate delivery of protecting depositors’ funds and boosting confidence in the banking industry, particularly as the country moves towards achieving financial inclusion among Nigerians.
Noting that the board members are “assuming duty at a time when the Nigerian financial system is still facing some challenges” and requires collective efforts to tackle issues of good corporate governance; and high level of non-performing loans among others, Hajiya Ahmed said they “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 further said the board must be fully conscious of “The potential benefits and risks associated with the financial technology and block chain technology are also on the front burner” warning that; “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.”
Speaking for the Board, the Chairman, Mrs Ronke Sokefun, pledged that members would bring to bear their wealth of experience in ensuring the Corporation continues to successfully deliver on its statutory mandate to depositors and all stakeholders in the nation’s banking industry.
She assured the Minister that the board members will live up to the responsibility reposed on them 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”, she assured
Other members of the new board are: human rights lawyer and Spokesperson of the All Progressives Congress (APC) presidential campaign, Barrister Festus Keyamo (SAN); Bri-General Josef O. J. Okoloagu; Mr Adewale Adeleke; Mustapha Adewale Mudashiru; and Alhaji Garba Bello.
