The Managing Director and Chief Executive, NDIC, Umaru Ibrahim, and the Executive Director, Corporate Services, Omolola Abiola-Edewor, led the executive management of the corporation to receive the minister. Earlier in his welcome address, the NDIC MD assured the minister that the corporation would do all it could to assist in the recovery of all the debts owed the defunct Skye Bank and other banks in liquidation. The primary concern of the NDIC, according to him, is to ensure the safety of depositors’ funds and minimise the disruption of banking services. The MD/CE assured the minister that the corporation used the most appropriate failure resolution option in the case of the defunct Skye Bank as it ensured that over 6,000 jobs were saved, while its depositors continued to operate their accounts with the new Polaris Bank Limited, which assumed the entire assets and liabilities of Skye Bank. Responding, Ahmed commended the NDIC for the thoroughness of its bank examination reports, which she noted had become acknowledged in the banking system.

Source: Nigerian Tribune October 06, 2018 11:48 UTC