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Economy | Make in Nigeria

FG inaugurates new NDIC board

Aug 19, 2009   •   by   •   Source: NEXT   •   eye-icon 16371 views

The federal Government through the Minister of State for Finance, Mr. Remi Babalola, FCA on Tuesday inaugurated the new board of directors for the Nigeria Deposit Insurance Corporation (NDIC) in Abuja.

At the inauguration, the Minister of State for Finance, Mr. Babalola stressed the importance of competent and credible board of directors and managements for financial institutions, if Nigeria was to realise the National Vision 2020 target.

He said: “The global financial crisis has thrown up issues in corporate governance and the imperatives of stringent financial reporting standards that can be ignored only at the risk of the nation’s banks and the future atrophy of the economy.

“For a nation, which aspires to be in the league of the top 20 economies by 2020, a strong and virile financial sector is imperative. This is why our institutions must be spear-headed and managed by competent, credible and visionary Board of Directors and management team,” he said.

The minister implored members to see their appointments as a call to service, and urged them to discharge their duties with total commitment, dedication, passion, and deep sense of patriotism.

“We are in an unusual time that requires unusual decisions to transform our institutions, and position the economy for a rapid and sustained growth and development. Undoubtedly, the environment in which we operate is not only dynamic, but rapidly changing,” he told the new directors.

“We presently face a number of challenges in the system such as the changing risk matrix of banking operations, stiff competition amongst banks, political dynamics, the recent shake-up in the banking system, and stakeholder expectations including the desire of insured financial institutions for the adoption of risk-based premium assessment system. All these factors, amongst others, pose enormous challenges and will affect your decision making process.

“Operational independence will insulate NDIC from undue political pressure. While such is a reality, you must play by the rules at all times to insulate the Corporation from it,” he added.

Members of the board 
The new board has the former Minister of Environment and Agriculture and Rural Development, Hassan Adamu, as Chairman. 

Other members are Ganiyu Ogunleye as the Managing Director of the corporation, Peter Umoh, Executive Director (Operations); Umaru Ibrahim, Executive Director (Corporate Services); Lexy Omoha Lexy, Director of Home Finance in the Federal Ministry of Finance, is representing the ministry; Sam Oni, Director (Banking Supervision) in the Central Bank of Nigeria (CBN); and Bennedikter Molokwu, former President of the Institute of Directors.

Others include David Oghene, former Chief Internal Auditor of the Nigerian National Petroleum Corporation (NNPC); Abdulrahman Dikko former Managing Director/Chief Executive of United Bank for Africa (UBA); Oyebisi Ilaka former Chairman of Total Realty Property and Financial Services Limited, United Kingdom; Lawan Gana, former Director of Northern Nigeria Investment Limited; and Razaq Lawal, former Managing Director/Chief Executive of International Merchant Bank.

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