The Nigeria Deposit Insurance Corporation (NDIC) has assured failed banks’ depositors of prompt payment of insured funds to the depositors.
The Managing Director of NDIC, Alhaji Umaru Ibrahim, gave this assurance during an oversight visit by members of the Senate Committee on Banking, Insurance and Other Financial Institutions to the Corporation.
Ibrahim reiterated that the Corporation was committed to the protection of depositors through effective supervision of banks in conjunction with the Central Bank of Nigeria.
The NDIC boss said that the Corporation had recorded remarkable achievements due to its implementation of performance based budget system (PBBS) on its 2016 budget despite the economic challenges in the country.
He informed the committee members of the commencement of the three major capital projects under the Corporation’s budget.
The projects are: the 9-storey Head Office Annex building, Abuja; the 17-storey Lagos Office, Ikoyi, and the 9-storey Lagos Training Academy Lekki which was approved by the Federal Executive Council (FEC).
The Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Rafiu Adebayo Ibrahim, commended the NDIC for its prompt and regular remittance of its operating surplus into the Consolidated Revenue Fund (CRF) in line with the provision of the Fiscal Responsibility Act (FRA), 2007.
Ibrahim expressed satisfaction on the NDIC’s consistent and timely remittance of 80 per cent of its operating surplus to the CRF at the end of each fiscal year.
“We have to commend the NDIC on the surplus you transfer to the Consolidated Revenue Fund.
“It is very excellent. I will commend you on behalf of the Nigerian people.” the Senate Committee Chairman said.
He explained that the Committee embarked on the oversight visit to NDIC to assess the level of implementation of the Corporation’s 2016 Budget with a view to identifying areas of challenges that required the Committee’s support.
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