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‘NDIC remits N212.7 billion to CRF in 30 years’ October 22, 2019
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The Nigeria Deposit Insurance Corporation (NDIC) has remitted over N212.7 billion into Consolidated Revenue Fund (CRF) since inception thirty years ago.

The Minister of Finance, Budget and National Planning Zainab Ahmed disclosed this on Monday in Abuja at the 30th anniversary celebration of the NDIC with the theme: ‘Emerging risks and corporate governance issues in banking sector’..

The Minister, who spoke through Director, Hones Finance, Mr. Okon Udo, commended NDIC for its contribution to the economy as a key finance regulator.

According to her: “I want to commend NDIC for been at the forefront of activities that promote financial system. It’s on record that since its inception the corporation has worked in close collaboration with other financial safety system and has been able to make significant progress.

“As a member of the financial services regulatory coordinating committee, the committee is a statutory one comprising the regulators in the Nigeria financial services industry. The mission of the committee, is to proactively promote a sound and stable financial systems in Nigeria through effective inter agency collaboration.

“As a supervisory Minister of this efficient and highly agency, I stand to commend the contribution of the NDIC to enhancement of the revenue base of the federal government of Nigeria.

“Today, its accumulative remittances to the Consolidated Revenue Fund (CRF) stands at over N212.71 billion. The executive arm of government is also aware of remarkable effort of the importance of cooperation to enhance financial inclusion in the country”.

Vice President Yemi Osinbajo lauded NDIC collaboration with the Central Bank of Nigeria for effective regulation of banking sector.

He said the corporation, by reason of hard work; excellence service delivery has earned enviable reputation among its peers in Africa and beyond.

“I have already heard of the various institutional achievements of the NDIC in the past three decades of its existence.

“The part it played in stabilising the financial system, especially the period immediately after the early days of privatization and private ownership of banks and it role in the failed banks crisis that followed immediately after.

“The various professional and standard distinctions that it has received through the years. Most significant challenge the financial system has experienced so far, was that bank crisis in 2009.

“Going by the manner of the resolution, it appears the preferred touch was the establishment of AMCON, an option that cost something in the range of N5trillion of money at that time”.

Ooni of Ife Oba Adeyeye Enitan Ogunwusi ( Ojaja II) appealed to National Assembly to pass NDIC amendment Bill pending before it .

Its passage, Ooni said, will help in deepening depositor confidence in banking sector.

Senate President Ahmed Lawal assured that the Upper Chamber will give accelerated treatment to NDIC amendment bill when members reconvene for the plenary after 2020 budget defense.
“NDIC carries out oversight function on banks, as we do to MDAs. So we have something in common. NDIC amendment Act needs to be strengthened as His Royal Kabiyesi has rightly observed.

“We will expedite action on it when we resume plenary session. We suspended work on it because of 2020 budget defense because we want to pass 2020 budget before December”, he said.

By THE NATION