· Inefficiency alleged
· NASS scores him low
· New MD round peg in round hole, Sen Karimi says
By Dauda Ismail
On Wednesday May 28, President Bola Ahmed Tinubu nominated Thompson Oludare Sunday as the new Managing Director of the Nigeria Deposit Insurance Corporation, NDIC, marking the end of the tenure of Mr. Bello Hassan.
Following the announcement, the Senate directed its Committee on Banking, Insurance and Other Financial Institutions to conduct a thorough review and report back with recommendations as soon as practicable.
Recall that former President Muhammadu Buhari had in December 2020, asked the Senate to confirm the nominations of Bello Hassan as the new Managing Director MD, of the Nigeria Deposit Insurance Corporation NDIC, as well as Mustapha Ibrahim as Executive Director Operations of the corporation. Hassan was confirmed by the Senate on February 10, 2021 but towards the end of last month, President Tinubu nominated a replacement for Hassan, about eight months before the expiration of his tenure.
According impeccable sources close to the corridors of power, his sack is caused by a couple of reasons. “You see, I think Mr Bello Hassan effectively shot himself in the foot. I say so because he began to lobby the president’s inner circle for him to get a second term at the expiration of his first tenure. Meanwhile, there were already talks about his non-performance so the president felt, ‘this same person that I felt should be allowed to complete his first tenure despite these complaints is now disturbing me for an extension.’ So Mr President now decided to beam the searchlight on his tenure so far and the results were not in his favour. That was what virtually infuriated the president to show him the door because President Tinube felt that instead of him to do what he was appointed to do, he didn’t but is lobbying for an extension,” one source told AljazirahNigeria Newspapers.
Another said: “what worked against Bello Hassan was that his five years report was fraught with inefficiency and underperformance; even the National Assembly members scored him low. So he shouldn’t be surprised that he was sacked. And to buttress this, you can see the caliber of person that President Tinubu nominated to succeed him. You can see that political analysts are watching closely, as Oludare’s confirmation could mark a significant shift in the leadership dynamics of Nigeria’s deposit insurance landscape. Many see his nomination as a strategic political move that could shape Nigeria’s financial sector.”
There is little wonder that Hassan’s successor is seen as a right decision in many quarters. For instance, Sen. Sunday Karimi, described Thompson Oludare Sunday’s appointment and nomination as a well thought out idea by President Tinubu that will reposition the corporation.
The Senator assured that the new Managing Director is coming with decades of banking experience, and expressed confidence that his appointment will protect depositors’ funds as well as ensuring that their deposits are paid back.
Senator Karimi noted that Oludare possesses an impressive academic background, holding both undergraduate and master’s degrees in Economics, as well as a PhD in relevant fields. He assured that Oludare’s experience as a key player in the banking sector will contribute to the stability of the financial system through the supervision and regulation of insured financial institutions. Senator Karimi expressed gratitude to President Ahmed Bola Tinubu for recognising Oludare’s potential, stating that his appointment will enhance the current administration’s efforts.
“Thank you Mr President for identifying a talent in the Banking industry and for engaging him to also serve as the watchdog of the Banking industry. Dr Thompson is a round peg a round hole. He worked throughout his career in the banking supervision section of the Central Bank and rose to the position of the Director of the Section.
“He is a thoroughbred professional who believes in doing things rightly without cutting corners. A very truthful and trusted hand that will be very useful to the transformation agenda of this government.”
He added that the appointment of Oludare as MD, NDIC, after confirmation will positively serve as a turning point for the sector in the country.
In a conversation with our reporter, financial analyst Bose Ibitoye expressed her belief that Hassan does not align with President Tinubu’s vision for his economic team. She stated, “When I learned of Tinubu’s nomination of Oludare Sunday to succeed Hassan before his term has concluded, I simply smiled, as the President has the authority to choose his collaborators. While many have applauded this decision, citing Oludare’s extensive experience and track record in the banking sector, I can only hope he continues his successful trajectory in this new position. This hope stems from the fact that, when examining Bello Hassan’s history, one would anticipate a tenure characterised by exceptional performance. He served the Central Bank of Nigeria, CBN, for 32 years, playing a pivotal role in the on-site and off-site supervision of banks and financial institutions while addressing financial stability issues. He excelled as the Director of the Other Financial Institutions Supervision Department and demonstrated the same exemplary qualities in 2020 as the Director of the Banking Supervision Department. He represented the CBN on the Boards of the Asset Management Corporation of Nigeria, AMCON, the Financial Institutions Training Centre, FITC, and FMDQ Clear Ltd., as well as on the Governing Council of the Chartered Institute of Bankers of Nigeria, CIBN.
As the CBN Director of Banking Supervision, he also served on the Board of Directors of the NDIC before his appointment as MD/CEO of the Corporation by President Muhammadu Buhari in 2021. Hence, it is perplexing to reconcile his four years as MD of the NDIC with his impressive 32-year record at the CBN. My hope is that Oludare’s tenure surpasses Hassan’s.”
