By Stellamaries Amuwa, Abuja
The Managing Director / Chief Executive Director of the Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, has pledged the commitment of Corporation towards achieving its vision which is to be one of the best deposit insurers in the world.
Hassan made this known during the opening ceremony of the 2023 NDIC Editors Forum with the theme ‘Stocktaking of Deposit Insurance Practice: Assessing the Past, Evaluating the Present and Forecasting the Future’ held over the weekend in Lagos.
He said,” indeed, our vast experience at the forefront of deposit insurance practice in Africa coupled with the Corporation’s resilience in the face of challenges and threats is based on the NDIC’s relentless efforts to achieve its vision: To be one of the best deposit insurers in the world”.
According to the MD, the roadmap, robustly outlined in their 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 stakeholders across board.
“As you are aware, the Deposit Insurance System implemented by the NDIC is an important component of the nation’s financial safety net.
“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”, he stated.
Speaking further, the Managing Director reiterated that recognising the vital importance of regular engagement with the media, the Corporation recently conducted its 20th edition of the Workshop for Business Editors and Finance Journalists.
“This workshop was designed to enhance the capacity of correspondents and line editors, enabling them to provide accurate and informed reporting on NDIC activities and the broader financial industry.
“This Editors Forum, therefore, serves as a consolidation of our ongoing efforts to deepen our close and cordial relationship with the leadership of the media industry, ensuring that we continue to work as partners in progress for the successful implementation of the Deposit Insurance System in Nigeria, for the benefit of our people”, he said.
Bello also re-emphasized 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.
According to him, “though some of the challenges are universal, others are of course unique and domesticated. 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.
“It is this background that informed the choice of the theme of this year’s interaction: “Stocktaking of Deposit Insurance Practice: Assessing the Past, Evaluating the Present and Forecasting the Future”.
“As such, the key issues to be put in perspective in the course of this interaction include the adequacy of the deposit insurance coverage; faster reimbursement of depositors in the event of bank failure; and of course, the roles of the media in promoting the stability of the financial system amongst others. To this end, there’s no gain saying the fact that your meaningful and constructive contributions are highly expected.”
