Osinbajo Calls on CBN, NDIC to Take Over N-Power, Tradermoni, Others

– Osinbajo wants CBN, NDIC to take over NPOWER, Trader Moni and other FG’s SIPs.

– NDIC says it has achieved remarkable success in the execution of its primary mandates of effective supervision of the insured banks.

The Vice President, Professor Yemi Osinbajo has called on Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) to take over funding and management of Federal Government’s Social Investment Schemes (SIPs) which includes NPower, Trader Moni, Market Moni and the likes.

Osinabjo who noted that contending that present structure of microfinance institutions have failed stated this while receiving board and management members of NDIC in his office.

According to the vice president, it was desirous for millions of poor Nigerians to be empowered through the extension of credit.

A statement released by Head, Communications and Public Affairs Unit of NDIC, Muhammed Kudu Ibrahim says Osinbajo lamented that the current structure for the operation of Microfinance Banks (MFBs) had failed to achieve the desired goals. He, therefore, called for a sustainable framework to achieve the objectives set by the regulators.

While congratulating the Chairman, Ronke Sokefun and other members of the Board for their appointment, he praised commended the Management for prioritising the interests of Nigerian depositors in its choice of the Bridge Bank option for the resolution of recent banks liquidation.

The Vice President, however, noted that a lot still needs to be done in the area of sanitizing the banking system, calling for the injection of fresh ideas to produce a more resilient structure involving the NDIC and other relevant stakeholders to address the issue of non-performing loans.

Osinbajo warned that the federal government was not prepared to repeat the mistakes of the past.

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Speaking earlier, the Chairman of the Board of the Corporation, Sokefun thanked the Vice President for his warm reception and recalled that the NDIC as a critical player in the Nigerian financial safety-net, had achieved remarkable success in the execution of its primary mandates of effective supervision of the insured banks, timely payment of insured deposits and the implementation of a robust and efficient failure resolution regime.

She also drew the attention of the Vice-President to the NDIC Amendment Bill currently pending before the Senate and solicited for his assistance in ensuring quick passage of the Bill before the expiry of the present legislative session.

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