ADDRESS BY THE MANAGING DIRECTOR/CHIEF EXECUTIVE OFFICER OF NDIC, ALHAJI GANIYU A. OGUNLEYE (OFR) AT THE COMMISSIONING CEREMONY OF A STAFF OFFICE BLOCK (DEANERY) AT THE FACULTY OF SOCIAL SCIENCES FOR AHMADU BELLO UNIVERSITY (ABU), ZARIA, FUNDED BY NIGERIA DEPOSIT INSURANCE CORPORATION ON THURSDAY 30TH JULY, 2009

 PROTOCOL,

On behalf of the Management of Nigeria Deposit Insurance Corporation (NDIC), it gives me great pleasure to be in this University, Zaria, for the commissioning of the NDIC assisted Staff Office Block (Deanery) project in the Faculty of Social Sciences of the University which was funded by the Corporation.

2.         The project we are commissioning today was conceived by the University Authority to provide office accommodation for the faculty of Social Sciences of the university. The NDIC intervened and funded the execution of the project up to the tune of N9.561.00 million under its Project-Based Support to Institutions of Higher Learning.

3.         The decision of the Corporation to provide assistance and support to institutions of higher learning was informed by the dearth of infrastructural facilities in tertiary institutions in the country.

4.         Before proceeding to commission this project, permit me to make a few remarks about our Corporation and its mandate. The Nigeria Deposit Insurance Corporation (NDIC) was established in 1989 as a vital component of financial safety-net designed to guarantee payments to depositors in the event of failure of financial institutions. Accordingly, the Corporation in pursuit of its mandate insures the deposit liabilities of all licensed deposit taking financial institutions operating in Nigeria, monitors the safety and soundness of all universal banks as well as Microfinance Banks and Primary Mortgage Institutions (MFB/PMIS).

5.         The Corporation fulfils its mandate through effective supervision of these institutions and ensuring orderly resolution of failed insured institutions. It presently provides deposit insurance coverage of N200,000.00 per account to depositors of commercial banks and N100,000.00 to depositors of Microfinance banks and primary mortgage institutions respectively.

6.         It is pertinent to also state that apart from pursuing its core mandate of insuring deposit liabilities and engendering public confidence in insured financial institutions, the Corporation also supports the developmental programmes and policies of the federal government. In this regard, the Corporation operates a project–based funding scheme for institutions of higher learning as part of its corporate social responsibility.

7.         Under this initiative, beneficiary institutions were selected from across the six geo-political zones and granted assistance towards the enhancement or provision of facilities in our tertiary institutions. As we are aware, inadequate funding, ill-equipped laboratories and dearth of research facilities, are common challenges faced by our higher institutions. So far, 24 institutions of higher learning have benefited from the scheme. I wish to note that the burden of reviving the educational sector can no longer be borne by the government alone. I therefore, wish to call on other corporate organizations to commit resources to assist our higher institutions to upgrade their learning and research capabilities.

8.         I wish to commend the determination and commitment of the University authorities which resulted in its successful completion of the Staff Office Block (Deanery). Furthermore, l hereby acknowledge that the funds provided by the Corporation has been judiciously utilized. It is our expectation that the infrastructure will enhance capacity for human capital development in the University and Nigeria at large.

9.         It is generally agreed that education plays a major role in the socio-economic development of any country. Apart from being a key component of the 7-Point Agenda of the present Administration, quality education is a key factor in realizing the laudable objectives of Nigeria’s Vision 20/2020 Project. 

10.       I urge the University authorities to continue to strive to promote academic excellence. Similarly, I urge the students to be law abiding and to desist from engaging in any act capable of undermining the peace and progress of the University. In particular, students should not engage in cultism and examination malpractices. I also call on public spirited individuals and organizations to join hands with government and educational institutions by investing in projects that would revamp the country’s educational system.

11.       In conclusion, l would like to assure you that the Corporation shares the joy of this occasion of the commissioning ceremony with your University and we are proud to be associated with this laudable achievement. With the successful execution of this project, we look forward to further mutually beneficial relationship with your University. It is on this note that l formally commission the Staff Office Block (Deanery) for the Faculty of Social Sciences of the University on behalf of the Nigeria Deposit Insurance Corporation

Thank you for your attention and God Bless.

 Thursday, July 30, 2009