1. On behalf of the Board and Management of the Nigeria Deposit Insurance Corporation (NDIC), it gives me great pleasure to be at Rumfa College, Kano (my alma mater) for the formal commissioning of the “Multi-Purpose Hall” of the College constructed and funded by our Corporation.
2. The project we are about to commission today is among the many such projects being sponsored by the Nigeria Deposit Insurance Corporation in various institutions of learning in the country. It will be recalled that as far back as 1995, the Corporation had instituted an endowment fund and prize awards for several institutions of learning in the country and made generous donations through the Corporation’s project-based funding Scheme. This initiative is part of the Corporation’s pursuance of its Corporate Social Responsibility with a view to providing assistance towards the enhancement of educational activities, and to move the country forward on the path of social and economic development.
3. Distinguished ladies and gentlemen, it is common knowledge that most of the institutions of learning in Nigeria lack infrastructural facilities resulting in poor standards of education. Against this background, it has become necessary for corporate organizations and other well meaning groups and individuals within and outside the country to come to the aid of our educational institutions.
4. As part of the Corporation’s pursuance of its corporate social responsibility and effort of managing the stakeholders’ expectation, the Board of the Corporation approved a grant of N260 million in 2003 as part of its phase financing of projects in tertiary institutions in Nigeria to be disbursed among (25) selected Universities in the country. Currently the Corporation is in the third phase of financing projects in tertiary institutions in Nigeria targeting (12) selected tertiary institutions to benefit from the scheme. Rumfa College, Kano is one of the institutions of learning that benefitted in the third phase of the Corporation’s project-based funding scheme with a grant of N9,939,291.00 million (Nine million nine hundred and thirty nine thousand two hundred and ninety one naira) only. The outcome of this support is the infrastructure we are commissioning today.
5. In addition the Corporation also approved the disbursement of N998,455.00 (Nine hundred and ninety eight thousand four hundred and fifty five naira) only, to furnish the multi-purpose hall to make it fully functional.
6. The Principal, teachers and staff, students, invited guests; ladies and gentlemen, permit me to acknowledge the commendable progress recorded by Rumfa College, Kano since its inception. As we are all aware, this college is among the foremost educational learning centres in Nigeria in the teaching, development and education of our youth. I would like to use this opportunity to salute the leadership of the college for judiciously utilizing the fund provided to it by the Corporation.
7. On the part of the Corporation, I would like to assure you that NDIC shares the joy of this occasion of commissioning ceremony with your college and we are proud to be associated with this success. We hope that the school authorities will work assiduously to sustain and improve upon the present achievement for the overall benefit of the school and the students.
8. Let me also use this opportunity to educate our Stakeholders and the general public on the important role the Nigeria Deposit Insurance Corporation plays in the country’s financial system. Deposit Insurance Scheme (DIS) has become a key component of most financial systems worldwide because of the important roles it plays in protecting depositors as well as contributing to financial systems stability. For over twenty years, the Nigeria Deposit Insurance Corporation (NDIC), which was charged with the mandate of deposit protection, has remained an active safety-net player in spite of many daunting challenges. Apart from guaranteeing banks’ deposits up to the limits permitted by law, the Corporation has been involved in the supervision of insured institutions as well as resolving the problems of failing and failed financial institutions.
9. Distinguished ladies and gentlemen, on behalf of the Board and Management of the Corporation, I have the honour to invite His Excellency, the Executive Governor of Kano State Eng. (Dr.) Rabi’u Musa Kwankwaso, appropriately represented by Hon. Commissioner of Education, Barrister Faruk Iya to commission this “Multi-Purpose Hall” funded by Nigeria Deposit Insurance Corporation.