NDIC remits 80% operating surplus to consolidated revenue fund — Finance Minister


By Matthew Denis

The Minister of Finance, Budget and National Planning, Dr. (Mrs.) Zainab Ahmed has said that the Nigeria Deposit Insurance Corporation (NDIC) is consistent in remitting its 80 per cent operating surplus to the Consolidated revenue fund (CRF) of the Federal Government.

Ahmed made the disclosure yesterday while inaugurating the board of directors of the corporation.

Speaking at the inauguration, Ahmed charges the new board members to bring their experiences to bear by contributing to the stability of Nigeria’s Financial system.

“You are assuming duty at a time when Nigeria’s Financial System is still facing some challenges and requires efforts aimed at addressing issues such as corporate governance, high level of non- performing loans and slide in revenue, the potential benefits and risks associated with the Financial Technology (fintech) and block chain technology are also on the front burner.

“These and other challenges can cause threat 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 National Development Plan, 2021-2025,” she noted.

According to Ahmed, their appointment cuts across representatives from the six-geopolitical zones of the country, making a fair and equitable representation on the Board of the NDIC, stressing that with the calibre of personalities appointed on the board, these challenges would be addressed head-on.

While congratulating the Chairman and members of the NDIC Board on their appointment, Mrs. Ahmed noted that the mandate of the corporation was 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.

She added that the corporation has   ated Revenue Fund (CRF) of the Government among many other milestones achieved.

The Minister assured the board members and the management team of the continuous support of the ministry in the discharge of their responsibilities. She advised the board members not to interfere in the day to day administration of the Nigeria Deposit Insurance Corporation which is the responsibility of the management team.

Earlier, the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Mallam Aliyu Ahmed, said the occasion signifies the formal assumption of office by top government functionaries and affords them opportunity to be focused on key issues of interest and concern.

The Permanent Secretary stated that the Nigeria Deposit Insurance Corporation (NDIC) has greatly contributed to the stability of the financial system in the country.

He disclosed further that the corporation acts as Deposit Insurer for Banks deposits, and Liquidator of Insured institution whose licenses had been revoked by the Central Bank of Nigeria (CBN) as well as rendering assistance to insured institutions in the interest of depositors.

Responding on behalf of the Board members, the Chairman of the Board, Dr.Abdulhakeem Mobolaji Abdullateef, appreciated President Muhammadu Buhari on their appointment and the confidence reposed on them to pilot the affairs of the organisation.

He promised not to disappoint the trust bestowed on them in discharging their responsibilities.

The members of the Board of Directors include: Dr. Abdulhakeem Mobolaji Abdullateef as Chairman, South-West, Prof. Osita Ogbu, South-East, Engr. Umar Gambo Jibrin, North-Central and Mohammed Attahiru Haruna, North-East.

Others are: Mrs. Yasmine Zabatt Amin Dalhatu, North-West;  Mr. Simon Ogie Dada, South-South and Mr. Abimbola Olasure, South-West.

The Management team is comprised of the Managing-Director (MD), Bello-Hassan, Mrs. Emily Osuji, Executive Director (Corporate Services), Mustapha M. Ibrahim (Executive Director Operations).