Vice-President Osinbajo Confident In New NDIC Board

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Vice President Yemi Osinbajo has expressed confidence in the ability of the new Board and Management of the Nigeria Deposit Insurance Corporation (NDIC).

Concise News gathered that the new team is being led by Mrs Ronke Sokefun.

Osinbajo was quoted in a statement signed by the Head, Communication and Public Affairs of the Corporation, Mr Mohammed Ibrahim, on Tuesday in Abuja.

According to the statement, the vice-president made the comment when members of the Board and Management of the Corporation visited him in Abuja.

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He described the board chairman as an experienced lawyer and NDIC’s Managing Director, Umaru Ibrahim as an experienced technocrat that would steer the corporation in the right direction.

He, however, said a lot still needed to be done in the area of sanitising the banking system.

He stressed the need for fresh ideas that would produce a more resilient structure involving the NDIC and other relevant stakeholders to addressing the issue of non-performing loans in the industry.

He also warned that the Federal Government was not prepared to repeat the mistakes of the past in the sector.

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On financial inclusion, the vice president said the government was desirous for millions of poor Nigerians to be empowered through the extension of credit.

He called for concerted efforts of the relevant institutions including the Central Bank of Nigeria (CBN) and the NDIC to come up with a framework that would facilitate the funding of Federal Government social intervention programmes.

He listed some of the programmes to include the N-Power, Trader-Money, and Market-Money, which according to him would alleviate the suffering of millions of Nigerians.

In the same vein, the Chairman of the Board thanked the Vice President for his warm reception.

Sokefun recalled that the NDIC as a critical player in the Nigerian financial safety-net, had achieved remarkable success in the execution of its primary mandates of effective supervision of the insured banks.

She said the corporation had also ensured timely payments of insured deposits and the implementation of a robust and efficient failure resolution regime.

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