Finance Minister Urges NDIC Board To Enhance Financial System Stability

The Minister of Finance, Funds and Nationwide Planning, Mrs Zainab Ahmed has cautioned the Board of Administrators of the Nigeria Deposit Insurance coverage Company (NDIC) that so much is being anticipated from them when it comes to contributions to the steadiness of the Nigeria Monetary System.

Mrs Ahmed who said this Monday on the formal inauguration of the Board in Abuja reiterated that the occasion was of nice significance to the NDIC and its stakeholders contemplating the essential function of the Board in a strategic establishment just like the Company.

She stated the Board is “assuming obligation at a time when the Nigerian Monetary System remains to be dealing with some challenges and requires efforts geared toward addressing points corresponding to company governance, excessive stage of non-performing loans and slide in income technology. The potential advantages and dangers related to the Monetary Expertise (Fintech) and block chain know-how are additionally on the entrance burner”.

Mrs Ahmed identified that these and different challenges could cause threats to the “stability of our monetary system and should be addressed promptly for the sector to play its function in facilitating the implementation of the Nationwide Improvement Plan 2021 to 2025”.

She subsequently charged the Board to design insurance policies and programmes with the Administration workforce to allow the Company ship on its mandate.

Mrs Ahmed reiterated that the NDIC had since its institution over three many years in the past, remained dedicated to making sure the discharge of its mandate because the Company has through the years carried out creditably properly.

“Moreover, the Company has been constant in remitting its 80 per cent working surplus to the Consolidated Income Fund (CRF) of the federal government amongst many different milestones achieved”, Mrs Ahmed said.

In his response, NDIC Chairman Abdulhakeem Mobolaji Abdulateef pledged the resolve of the Board to work very carefully with the administration in reaching set objectives, noting that they don’t must do anyone’s job as a result of they have already got a lot to do.

He assured the Board understands its mandate of supporting the Company to safeguard deposit assure, financial institution supervision, misery decision in addition to financial institution liquidation stressing that “We pray to do our greatest according to the curiosity of the incoming administration to take it from the place you might have stopped”.

The post Finance Minister Urges NDIC Board To Enhance Financial System Stability appeared first on Stars Daddy.

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