Buhari Approves Reconstituted NDIC Board

By Uche Mbah

President Muhammadu Buhari has approved the reconstitution of the Board of the Nigeria Deposit Insurance Corporation (NDIC).

The new Board includes some old board members and appointment of new ones.

The Board enjoys a four year mandate, and the last tenure became effective 9th December 2018,  terminating on 9th December 2022.

The appointment of the existing members of the Board whose four-year term became effective on 9th December 2018 expired on 9th December 2022, after which date the Board stands dissolved.

A statement from the Federal Ministry of Finance, Budget and National Planning listed the new appointees as Dr. Abdulhakeem Mobolaji Abdullateef, (Chairman) from Southwest zone; Prof. Osita Ogbu, from Southeast Zone; Umar Gambo Jibrin from Northcentral Zone; Mohammed Attahiru Haruna from Northeast Zone; Yasmin Zabath Dalhatu from Northwest zone; Simon Ogie from Southsouth Zone; Abimbola Olashore Southwest Zone.

The following represents their institutions on the NDIC Board: Muhammed Ali, Director Home Finance, member (Rep of Federal Ministry of Finance, Budget and National Planning); Haruna B. Mustapha, Director Banking Supervision Department, member (Rep of Central Bank of Nigeria).

The following  members are reappointed: Bello Hassan, Managing Director; Mustapha M. Ibrahim, Executive Director Operations; and Mrs. Emily Osuji, Executive Director Corporate Services.

“The appointment of the existing members of the board whose four-year became effective on 9th December, 2018 expired on 9th December, 2022. It is noteworthy that irrespective of the tenure of the appointment, NDIC operates a semester system for its board. Therefore, the board stands dissolved at the end of the tenure of first appointment.”, the statement read.

“The board has five other members whose membership is by virtue of institutional or office representation in line with the provision of Section 5 (2 c and d) of the NDIC, Act, 2006.

“It becomes imperative to reconstitute the governing board the NDIC to avoid vacuum, ensure smooth operations of the corporation and ultimately boost the confidence of stakeholders and clients within the financial and banking sectors of the nation’s economy.

“In the light of this, the new governing board is reconstituted through the appointment of five new members including the chairman to form a new board of directors to oversee the affairs of the corporation for the next four years.”