President Muhammadu Buhari has forwarded the names of Chief Olabode Mustapha as chairman and six others as members of the board of the Nigerian Deposit Insurance Corporation (NDIC) to the Senate for confirmation.
The other six nominated for confirmation into the NDIC board include Festus Keyamo, Garba Buba, Bello Garba, Mustapha Adewale, Brig. Gen. Josef Okoloagu (rtd), and Adewale Adeleke.
Chief Olabode Mustapha represented Abeokuta North, Odeba, Obafemi-Owode Federal Constituency between 1999 to 2003, under the platform of the Alliance for Democracy (AD). Mustapha was born on March 12, 1950. He holds a Bachelors Degree in business and public relations from Bildungszentrum in Germany.
Established in June 1988, the parastatal under the Nigerian Ministry of Finance, was established as an independent agency that is charged to protect depositors and guarantee payment of insured funds in the event of failure of insured institutions.
The NDIC operates like an adviser to the Central Bank of Nigeria (CBN) in the liquidation of distressed banks and manages distressed banks’ assets until they are fully liquidated.