NDIC remits N7bn into treasury

Nigeria Deposit Insurance Corporation (NDIC) has disclosed that it remitted N7 billion into the Consolidated Revenue Account (CRF) as its operating surplus for 2018 financial year.

Its Managing Director/Chief Executive, Umaru  Ibrahim, made the disclosure at the inauguration of its newly-appointed Board of Directors by the Minister of Finance, Mrs. Zainab Ahmed, in Abuja on Friday.

Earlier in her remarks at the inauguration, the minister urged the board members to live above board in all their dealings. She said: “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, and high level of non-performing loans, among others.

“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.

“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).”

The minister expressed confidence in the calibre of members appointed onto the board, describing them as “thorough-bred professionals”

capable of planting the nation’s economy on the path of sustainable growth.

The Senate in December, 2018, confirmed the appointment of Mrs. Ronke Sokefun, as Chairman of the Board of the Nigerian Deposit Insurance Corporation. Other members of the NDIC board include Mr Festus Keyamo, Alhaji Garba Bello, Bri-Gen. Josef O. J. Okoloagu, Mustapha Adewale Mudashiru, and Mr. Adewale W. Adeleke.

Responding on behalf of her board members, board Chairman,  Mrs. Ronke Sokefun assured the minister that  board members would bring their wealth of experience to bear to ensure the Corporation attains its mission and vision.

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