NDIC appeals for payment of premium

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Alhaji Umaru Ibrahim, NDIC Boss on Premium
Alhaji Umaru Ibrahim, NDIC Boss on Premium

By Wunmi Ashafa

The Managing Director, Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim has appealed to the management of Primary Mortgage Banks (PMBs) in the country to pay their premium contributions promptly.

Ibrahim made the appeal while delivering a keynote address at the NDIC’s 2016 Sensitization Workshop for operators of Primary Mortgage Bank (PMBs) on Friday in Lagos.

The workshop has “Implementing Differential Premium Assessment System (DPAS) in Primary Mortgage Banks (PMBs) in Nigeria” as theme.

He said that the appeal became necessary because records indicated that 15 out of 42 PMBs were yet to meet their premium obligation.

The managing director said that achieving sustainable growth and development for insured institutions depended largely on the premium contributions of PMBs.

Ibrahim said that the corporation was the sole agency empowered to guarantee depositors’ funds in deposit-taking financial institutions in the country.

He expressed the commitment of NDIC to sustain efforts to put insured institutions on the path of sustainable growth and development.

The managing director said that the corporation would continue to review the NDIC Deposit Insurance Coverage (DIC) from time to time.

The News Agency of Nigeria (NAN), reports that the workshop was organised to create awareness on the deployment and implementation of DPAS.

It is also to acquaint operators with modalities for the implementation of DPAS to enhance sound enterprise risk management practice in the operations of PMBs.

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