The Nigeria Deposit Insurance Corporation (NDIC) has reiterated its commitment to supporting the efforts of the Central Bank of Nigeria (CBN) to achieve a secure and stable banking system.
The NDIC Managing Director, Bello Hassan, gave the assurance while speaking at the 2023 edition of the Nigeria Deposit Insurance Corporation (NDIC) Editors Forum, held in Lagos, Saturday. The theme of the interaction is “interaction: “Stocktaking of Deposit Insurance Practice: Assessing the Past, Evaluating the Present and Forecasting the Future”.
He explained that the Deposit Insurance System implemented by the NDIC is an important component of the nation’s financial safety net.
According to him, “The Corporation’s operations which focuses on minimising bank runs and bank failures through strict banking supervision, reimbursement of insured depositors in the event of bank failure, and orderly liquidation of failed banks, complements the efforts of the Central Bank of Nigeria to achieve a secure and stable banking system.
“It also supports the fiscal authority in maintaining stability within the broader financial system, serving as the foundation for economic growth and development.”
However, he noted that the NDIC at various times has had to confront the same challenges as other financial safety-net players affecting the nation’s financial system as a result of the impact of macroeconomic factors and the changing dimensions of the financial services industry which is constantly evolving.
“It is within this context that the NDIC aligns itself with the Central Bank of Nigeria’s efforts towards strengthening the banking industry through enhancing prudential thresholds and other regulatory instruments while deepening engagement and collaboration with all relevant stakeholders in the Nigerian financial system to effectively address challenges and implement solutions”, Mr. Hassan said.
He recalled that the Corporation’s vast experience at the forefront of deposit insurance practice in Africa coupled with its resilience in the face of challenges and threats was based on the NDIC’s relentless efforts to achieve its vision: “To be one of the best deposit insurers in the world”.
The Corporation’s Managing Director, observed that “The roadmap, robustly outlined in our 2021 – 2025 Strategic Plan, takes into consideration the current realities and future trends, as well as sets out targets and objectives to ensure that the Corporation fulfills its mandate by providing excellent and efficient services to our stakeholders across board.”
He said the Corporation’s achievements has earned it numerous awards and recognitions including: Overall Best Public Institution among 404 MDAs in the Independent Corrupt Practices and Other Related Offences Commission (ICPC) 2023 and 2021 Ethics and Integrity Compliance Scorecard (EICS); 2022 Platinum Award of the Bureau of Public Service Reform (BPSR) after the deployment of its Self-Assessment Tool (SAT) for excellence in service delivery
Attainment of three International Organisation for Standardisation (ISO) Certifications of the MSECB, a leading international provider of Audit and Certification Services in 2023, namely: Information Security Management System ISO/IEC 27001:2013, IT Service Management System ISO/IEC 20000-1:2011, and Business Continuity Management System, ISO 22301;
Election of the Managing Director/Chief Executive of the Corporation unopposed onto the Council of the International Association of Deposit Insurers (IADI) as Vice-Chairperson in September, 2023 in the international scene.
The latest of these was last Saturday, when the Corporation received two (2) Nigeria Technology Awards (NITA) of Excellence in Adopting Emerging Technologies and Best Use of Social Media in the Federal Regulatory Agency Category
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