Managing Director and Chief Executive Officer, Nigeria Deposit Insurance Corporation, NDIC, Umaru Ibrahim, has said that the corporation has been revamped and position to provide stakeholders and the Nigeria economy with world class best practices aimed at transforming the socio-economic development of the nation.
Speaking at the event to kick-start the commemoration of the Corporation 30th Anniversary, in Abuja the federal capital territory, the managing director enumerated the achievements of the corporation and the various hurdles which the corporation has passed through in its drive to providing Financial System Stability in Nigeria, by providing world class best practices to stakeholders and the banking sector.
The Corporation which is a co-founder of the esteemed International Association of Deposit Insurers (IADI) and serves as the current Chair of IADI’s Africa Regional Committee (ARC), has participated at several IADI Executive Council (EXCO) Meetings and Conferences as well as provides Technical Assistance to other African deposit insurance agencies.
In his speech, he said: “In the past 30 years, NDIC has exhibited a strong determination to maintain a high level of professionalism and excellence in its operations.
The Corporation had gone through series of structural and operational reforms necessary to align its activities with global best practices and also give the right impetus to the realisation of its mandate.
With these reforms, the Corporation has been able to institute Systems, Processes and Procedures that makes it operationally ready to effectively discharge its mandate.”
Umaru, while presenting the corporation’s scorecard on its mandate and other achievements in the last three decades, stated that “the NDIC which was established to provide a further layer of protection to depositors and complement the role of prudent bank management as well as the Central Bank of Nigeria (CBN) supervisory activities in ensuring a safe and sound banking system has not fallen short of its objectives, and through proactive respond to developments and challenges in banking operations through appropriate policy framework, has produced great results in the interest of the banking industry.”
While listing some of the success recorded by the Corporation in areas of Adoption of Risk-Based Supervision Framework, Development of Framework for Early Warning Signals to detect problem banks, Development of Framework for the Identification and measurement of Systemically Important Banks (SIBs) and Articulation of a Framework for the Provision of Financial and Technical Assistance to deserving Insured Institutions, he noted that the bridge bank initiative safeguarded 12,667 jobs, protected deposit liabilities of over ₦1.759 trillion which ensured that depositors had uninterrupted access to their funds, and prevented the systemic repercussions of the failure of the bank on the entire financial system.
In his closing remark, he said “in light of the foregoing, it is gratifying that in 30 Years since its establishment, the Corporation has fulfilled the public policy objectives for which it was established, and as it marks the milestones of the past three decades, we would like to assure Stakeholders in the banking system in particular and the economy in general of its readiness, not only to sustain the high standard recorded, but to raise its bar in line with our core values of Honesty, Respect & Fairness, Discipline, Professionalism, Teamwork and Passion.”