Similarly, the existing 42 primary mortgage banks (PMBs) had total deposit liabilities of N69 billion but with total loans portfolio of N94 billion, which indicated another case of over-lending, accumulated interests, poor corporate governance and high ratio of NPLs, which stood at N51.7 billion or 55 per cent out of which N42.3 billion or 45 per cent were insider related/Directors loans. This, he said, has resulted to poor earnings and erosion of shareholders fund. The NDIC boss observed that the development had posed serious issues bordering on corporate governance, which were capable of eroding public confidence in the banking system. He advocated for strict compliance with the existing code of ethics for bank Directors and a review of the existing laws and regulations to proffer stiffer sanctions for Directors who exploit their positions and default in the payment of their credit facilities while still occupying directorship positions in the banks. Ibrahim stated that in 2016, the corporation’s actual income (net of provisions) was N85.020 billion and was expendable to the limit of 75 per cent in line with the provisions of Fiscal Responsibility Act (FRA) 2007. Similarly, its total expense was N31.551 billion, thus giving a net operating surplus of N53.469 billion out of which the corporation made provision to transfer the sum of N42.775 billion or 80 per cent into Consolidated Revenue Fund (CRF). With this, he said, the corporation had surpassed its budgeted sum of N35.893 billion as against the actual sum of N42.775 billion transferred into CRF. He urged the House Committee to approve the corporation’s 2017 proposed budget of total income of N102.294 billion and expendable income of N76.720 billion. “This comprised operating expenses of N43.227 billion or 49.94 per cent of total expenditure and a total capital expenditure is N43.323 billion or 50.06 per cent of the total budget. The capital expenditure would be funded by the corporation’s General Reserve Fund, which stood at N45.670 billion as at December 31, 2016,” he said, adding that a total of N47.254 billion is proposed as 80 per cent net operating surplus to be transferred into CRF in 2017. Sun Newspaper For Adverts Inquiries, call 08033857245; To Receive News Updates, WhatsApp: 08083609209; To Publish Your Articles Or News Stories, Email editor@skytrendnews.com. READ ALSO! Flying Bird Allegedly Falls From Sky In Lagos, Reportedly Turns To An Old Woman (PHOTOS) READ ALSO! READ What This Pretty Female Teacher Did With 3 Young Boys: You Will Be Shocked! READ ALSO ! This Doctor Filmed Himself Having Sex With Patient: What Happened Next Will Shock You! READ ALSO! I Never Knew There Was Something Sweet In Women Until I Married — ‘Virgin’ Pastor]]>