Liaise with National Assembly to facilitate amendment of NDIC Act 2006 — Finance Minister

By Matthew Denis Abuja

The Minister of Finance, Budget and National Planning, Dr. Zainab Shamsuna Ahmed has tasked on the Management  of the Nigerian Deposit Insurance Corporation (NDIC) to liaise with the National Assembly to facilitate the amendment of the NDIC Act 2006.

She made the disclosure while inaugurating the new Executive Director (Corporate Services) of the Corporation, Mrs. Emily Chidima Osuji in Abuja on Thursday.

The Minister said, “I congratulate the new Executive Director (Corporate Services), Mrs. Osuji for being found worthy by Mr. President to be appointed to this highly exalted position and for her subsequent confirmation by the Senate of the Federal Republic of Nigeria in line with Section 5(2) and (4) of the NDIC Act, 2006.

“I wish to seize this opportunity to once again draw the attention of the Members of the Board and Management to some of the issues which were highlighted at the inauguration of the Managing Director and the Executive Director (Operations) on 11th March, 2021 to liaise with the National Assembly to facilitate the amendment of the NDIC Act 2006 as the Ministry is ready and willing to assist in any direction.

“Request that the Management would give a special brief on the issues that arose on the recently amended Banks and Other Financial Act (BOFIA) 2020; and  should continue to provide good working conditions and equip staff to carry out the mandate of the Corporation even in difficult circumstances like during the COVID 19 pandemic.

“Members to note that there are guidelines, regulations and Circulars that guide the operation and conduct of Governing Boards of Federal Government Parastatals, Agencies and Commissions and should be strictly adhered to – Frequency of meetings; entitlements of Board members, Travel guidelines and related matters.”

The Minister who inaugurated the Executive Director (Corporate Services) of NDIC charged her to bring her vast wealth of experience to bear in discharging her responsibilities.

Ahmed revealed that the Executive Director (Corporate Services) is taking over from Honourable Omolola Abiola-Edewor who served a two-term tenure, from 2012 – 2022. As Minister with supervisory responsibility over the Corporation, I am glad to state that she contributed enormously in her capacity as the Executive Director (Corporate Services) in nurturing the Corporation to the enviable height it has attained in the Nigeria Financial System.

“The Ministry is deeply grateful to Honourable Abiola-Edewor, the former Executive Director (Corporate Services) for her contribution to the NDIC and indeed to the Financial Services Subsector of the Nigerian Economy.

“Let me also at this point commend the Chairman, and members of the Board of Directors for the effective discharge of the functions of the Board of the Corporation. The feedback I receive from both official and unofficial sources show that the Board has good understanding of its role which it discharges diligently. I urge the Board to maintain the momentum.

“Let me at this point commend Mr. President for the excellent choice of the Executive Director (Corporate Services) for this position. As already known by many, Mrs.  Osuji, the new Executive Director (Corporate Services) until her appointment was the Director, Asset Management Department.”

“She is a seasoned Administrator and Enterprise Risk Manager and also has come with relevant cognate experience and knowledge of the workings of this organization. These I have no doubt enabled her to hit the ground running.”

According to her 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.

She stated that the Corporation has been consistent in remitting its 80% operating surplus to the Consolidated Revenue Fund of the government among many other milestones achieved while urging them to keep this good track record.

Mrs. Osunji while acknowledging the new responsibility assured the Minister and her colleagues in the Corporation that she will redouble her effort  towards taking the Organization to greater height.