President Muhammadu Buhari has reshuffled and approved the appointment of new members of the Board of the Nigeria Deposit Insurance Corporation (NDIC).
A statement from the Federal Ministry of Finance, Budget and National Planning said on Tuesday, that the new appointments and reappointments of the governing board of the NDIC had become necessary.
It stated that the reconstitution was 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.”
The statement said, “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.
“Five new members, including the chairman 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.
“The appointment of some new members into the board is aimed at injecting fresh ideas necessary to reposition the corporation for enhanced performance”.