President Muhammadu Buhari has approved the reconstitution of the Board of the Nigeria Deposit Insurance Corporation (NDIC).
He has also approved the appointment of some new members and reappointment of some existing members to the Board.
NDIC operates a semester system for its Board. Therefore, the Board stands dissolved at the end of the tenure of the first appointment. As a result, the appointment of the existing members of the Board whose four-year term became effective on December 9, 2018 expired last December 9.
The board has five 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.
A statement from the Federal Ministry of Finance, Budget and National Planning said the new appointments and reappointments of the governing board the NDIC had become necessary “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”.
Five new members, including the Chairma,n are new appointees to the Governing Board that will “form a new Board of Directors to oversee the affairs of the corporation for the next four years’ ‘.
According to the Ministry of Finance, “the appointment of some new members into the Board is aimed at injecting fresh ideas necessary to reposition the corporation for enhanced performance”.
