The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed gave the charge yesterday in Abuja during the inauguration of the board of directors of the NDIC.
She said the event is of great importance to the NDIC and its stakeholders considering the critical role of the Board in a strategic institution like the Corporation.
Ahmed congratulated the chairman and members of the NDIC Board on their appointment by President Mohammed Buhari and stated that a lot is being expected from them in terms of contributions to the stability of the Nigeria Financial System.
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, 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 told the board members that the mandate of the Corporation is 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.
According to the Minister, the Corporation is the only agency of government responsible for administering Deposit Insurance Scheme (DIS) in Nigeria and provides financial guarantee to depositors of all deposit taking financial institutions thereby promoting public confidence in the banking system.
Responding, the NDIC Chairman Abdulhakeem Mobolaji Abdulateef said the board will work towards addressing the challenges highlighted by the minister.
He said, “We will try our best to work very closely with the management that is performing. And we will as board members stay on our lane.
