By Modupe Gbadeyanka
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said she is happy with the stability in the financial system in Nigeria.
She said this while inaugurating the Managing Director and the Executive Director (Operations) of the Nigeria Deposit Insurance Corporation (NDIC) in Abuja.
The Minister disclosed that efforts would be taken to sustain this, adding that she was aware of some issues identified in the recently amended Banks and Other Financial Act (BOFIA) 2020.
“I am aware there are issues that arose from the recently amended Banks and Other Financial Act (BOFIA) 2020 to which my attention was drawn.
“We will work with you and the board to resolve them. I pledge the Ministry’s continuous support and collaboration to your corporation in the discharge of its mandate,” Mrs Ahmed assured.
“The Ministry is deeply grateful for their contribution to maintaining financial system stability in the country.
“Let me also at this point commend the Executive Director, Corporate Services, Mrs Omolola Abiola-Edewor, the chairman, and members of the Board of Directors for effectively overseeing the affairs of the corporation during the transition period that lasted about three months.
“I have no doubt the new managing director is taking over an organisation that is functionally, professionally, and financially sound based on recent reports on the performance of the corporation submitted to the Ministry,” she added.
The Minister noted that the successes achieved by the corporation over the years have been because of good corporate governance, and the dedication of the entire staff.
“I would expect that the executive management team under your leadership will continue to discharge the responsibility of the corporation with diligence and build on the successes already achieved to take the corporation to greater heights,” she said.
Business Post reports that Mr Bello Hassan, the MD/CEO is to take over from Mr Umaru Ibrahim, who was at the helms of affairs at the corporation from 2010 to 2020, spanning two terms of five years each, while the Executive Director (Operations) would be succeeding Mr Aghatise Erediauwa who also served a two-term tenure, from 2010-2020.
Mrs Ahmed said the appointment of the two people was not surprising, given the close working relationship between the two organisations, adding that she looked forward to a continued harmonious and complementary working relationship between the two key financial regulatory agencies.
She also noted that the successes achieved by the corporation over the years have been because of good corporate governance, and the dedication of the entire staff, expecting that the executive management team would continue to discharge the responsibility of the corporation with diligence and build on the successes already achieved to take the corporation to greater heights.
Responding, Mr Hassan promised to “strengthen the deposit insurance framework with a faster and orderly resolution for liquidated financial institutions whose licenses have been revoked by the Central Bank of Nigeria (CBN).
Adedapo Adesanya