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Sterling Bank Lauds NDIC’s Bank Examination Reports’ Quality

Sterling Bank Plc has commended the Nigeria Deposit Insurance Corporation (NDIC) for the quality of its bank examination reports which have contributed to the safety and soundness of the Nigerian banking system.

The Management of the bank gave the commendation during a courtesy call and formal introduction of its new MD/CEO Mr. Abubakar Suleiman to the Corporation on Thursday, 18th January, 2018.

The Sterling Bank team, which was led by the outgoing MD/CEO of the Bank, Mr. Yemi Adeola, was received by the Managing Director of the NDIC, Alh. Umaru Ibrahim, accompanied by  two Executive Directors, Prince Aghatise Erediawa and Mrs. Lola Abiola-Edewor.

The outgoing MD/CEO informed the NDIC Management that the selection procedure for the selection of the new CEO of the bank was a rigorous process handled by the reputable consulting firm KPMG.

While expressing the hope that the courtesy call would further strengthen the excellent relationship between the Bank and the Corporation, the management of the bank also seized the opportunity to brief the Corporation on the future outlook of the Bank which includes the planned expansion of its Non-Interest Banking (NIB) window.

He informed the NDIC Management of the plan by Sterling Bank to apply for a license for a stand-alone NIB as soon as possible adding that the decision was informed by the feasibility studies conducted by the bank, judging from the potential Market and financial resources of customers expected o  embrace NIB.

The meeting also provided a platform for the discussion of the prospects and opportunities in the Nigerian Banking system along with challenges.

In his response, the MD/CEO of the NDIC thanked the management of the bank for the visit and promised to sustain the cordial relationship. He expressed the hope for the appointment of capable hands into the banking system to improve the performance of the sector.

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