FRC Commends NDIC Over Financial Report Compliance

The Fiscal Responsibility Commission (FRC) has commended the Management of Nigeria Deposit Insurance Corporation (NDIC) for compliance with the submission of its audited financial statements of 2007- 2014 and prompt payment of operating surplus.

This commendation was contained in a letter dated December 14, 2015 and signed by the FRC Acting Chairman, Victor Muruako Esq.

Umaru Ibrahim Re-appointed As Chief Executive Of NDIC

President Muhammadu Buhari has re-appointed Umaru Ibrahim as the Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC) for another five years tenure.

Umaru Ibrahim concluded his first tenure of 5 years as the MD NDIC on Tuesday, December 8, 2015.

The Nigeria Deposit Insurance Corporation (NDIC) was established on 15 June 1988 to strengthen the safety net for the newly liberalized banking sector, following the recommendation of former Central Bank of Nigeria governor Ola Vincent. The NDIC provides a safety net for depositors in the newly liberalized banking sector.

The NDIC is a parastatal under the Nigerian Ministry of Finance. The corporation is charged with protecting the banking system from instability occasioned by runs and loss of depositors’ confidence. It operates under the Nigeria Deposit Insurance Corporation Act (1990).The NDIC is a member of the Financial Reporting Council of Nigeria.The NDIC complements the regulatory and supervisory role of the Central Bank of Nigeria (CBN), although it reports to the Federal Ministry of Finance. The NDIC advises the CBN in the liquidation of distressed banks and manages distressed banks’ assets until they are fully liquidated.

NDIC: The Path to Progress

In recent years, the Nigerian Deposit Insurance Corporation (NDIC) has played a critical role in stabilising Nigeria’s financial market through innovative programmes. The turbulence that the banks faced in their continuous growth to maturity, which was triggered by both the nation’s quest to modernise the banking system and global financial meltdown, have been effectively overcome – to the relief of both depositors and the financial system. And, generally, the Corporation has charted a path that has taken the Deposit insurance scheme (DIS) within the country to enviable heights.

At the regional and global stages, the NDIC leadership has become critical to the promotion of best practice in DIS among African nations and developing countries. All these cannot be divorced from the quality leadership at the NDIC.