The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has cautioned the board of the Nigeria Deposit Insurance Corporation (NDIC) to steer clear of day-to-day management issues of the Corporation.
The minister who gave the advice at the inauguration of the board of the NDIC Thursday in Abuja urged the board to focus on its role of giving direction, policy formulation, strategic planning as well as oversight.
This, she said, will ensure that the Corporation delivers on its mandate.
She said: “Let me just add, what the role of the board is not; the role of the board is not day to day management of the corporation. That is the role of the management.
“So, Mr. Chairman, it is your responsibility to make sure that that delineation is clear that there is no mix in the roles and there is no conflict arising there.”
Mrs. Ahmed urged them to see themselves as having a key role to play at a crucial time in the nations’ financial system.
“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 and slide in revenue generation. 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 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 National Development Plan 2021 to 2025.
“Your appointment cuts across representatives from the six-geopolitical zones of the country making a fair and equitable representation on the Board of the NDIC. Therefore, I have no doubt in my mind that with the caliber of personalities appointed on the Board, these challenges would be addressed head-long.
“I therefore charge you to design policies and programmes with the Management team to enable the Corporation deliver on its mandate,” she said.
She assured the board of the ministry’s support in achieving its mandate.
In his response, the chairman of the NDIC board, Abdulhakeem Mobolaji Abdullateef, assured the minister that the board will stick to its mandate and its assigned role.
According to him, the board will stay in its lane.
“We will try our best to work very closely with the management that is performing. I assure you because one of the most disturbing thing is when people don’t know their role and they want to over reach, because we have so much to do that we do not need to do anybody’s job.
“We assure you that we understand the mandate of this Corporation which is deposit guarantee, bank supervision, distress resolution as well as bank liquidation.“We pray to do our best in line with the interest of the incoming administration to take it from where you have stopped,” he said.