Minister: I‘ll help NDIC realise BOFIA provisions

Minister: I‘ll help NDIC realise BOFIA provisions
Yesterday, Mrs. Zainab Ahmed, the minister of finance, pledged to help the Nigeria Deposit Insurance Corporation (NDIC) implement the Banks and Other Financial Act's requirements (BOFIA).

She also pledged to communicate with the National Assembly to expedite the long-awaited modification of the NDIC Act 2006

In Abuja yesterday, the minister made his remarks as Mrs. Emily Osuni was sworn in as the corporation's new executive director of corporate services.

According to her, “The Ministry is ready and willing to assist in any direction that the Management would give a special brief on the issues that arose on the recently amended Banks and Other Financial Act (BOFIA) 2020”.

In order to fulfil its duty regarding the liquidation of insolvent banks, the organisation has been working on amending its Act.

Mrs. Ahmed tasked the NDIC Board with carefully adhering to the rules, regulations, and circulars issued by the Secretary to the Government of the Federation that govern the activities and behaviour of governing boards of federal government parastatals, agencies, and commissions.

As required by the Fiscal Transparency Act, the minister congratulated Nigeria the corporation for transferring 80% of its operating surplus to the CRF.

“Over the years, the Corporation has become an important component of the nation’s financial safety net and at the forefront of activities that promote financial system stability through its contribution to Financial inclusion and other economic policies of Government” the minister said.

In her.remarkrs, the chairman of the board Mrs. Ronke Sokefun said that the NDIC was in the process of making another remittance into the Consolidated Revenue Fund

Mrs. Emily Chidinma Osuji, the new Executive Director (Corporate Services) until her appointment was the Director, Asset Management Department of NDIC.
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