In furtherance of its sustained efforts towards improving the efficiency of the nation’s financial system and ensure that depositors’ interests are protected at all times, the Nigeria Deposit Insurance Corporation (NDIC) has reiterated its commitment to supporting the efforts of the Central Bank of Nigeria (CBN) for sustainable growth of the economy.
The corporation’s Managing Director/Chief Executive Officer, Mr. Bello Hassan, gave the assurance while speaking at the 2023 edition of the Nigeria Deposit Insurance Corporation (NDIC) Editors Forum with the theme ‘Stocktaking of Deposit Insurance Practice: Assessing the Past, Evaluating the Present and Forecasting the Future’ held at the weekend in Lagos.
The deposit insurance expert explained that in line with its statutory mandate, the corporation had at various times 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.
According to him, the Corporation’s operations, which focus 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.
In addition, the NDIC boss explained that the corporation had also been supporting the fiscal authority in maintaining stability within the broader financial system, serving as the foundation for economic growth and development.
Hassan also spoke on the achievements of the corporation in terms of its policy reforms and other initiatives that continued to help in stabilizing the financial system over the years and for which it had earned local and international commendations and awards.
He said: “We have introduced the Single Customer View (SCV) framework that has enhanced speedy payment of insured sums to depositors of closed banks; we have enhanced collaboration with the bar and bench, leading to speedy prosecution and more informed judgements on failed banks cases, including resolution of long-drawn cases of closed banks such as Fortune and Triumph Banks in-liquidation; we have equally put in place policy and framework for out-of-court settlement which had enabled us resolve some hitherto protracted failed bank litigations.
“In complimenting the consumer protection efforts of the CBN, we have enhanced public awareness on deposit insurance and financial literacy to reduce the rate at which small depositors are being defrauded, thereby enhancing confidence in the banking system; we have invigorated our liquidation activities, and greatly increased debt recovery rate leading to the declaration of 100 per cent liquidation dividends to uninsured depositors of over 20 deposit money banks in-liquidation as well as payments to other stakeholders such as creditors, ex-staff and shareholders; and we have also improved our system, process and procedures to promote transparency and accountability in our operations, amongst other humble achievements”, he added.
He listed some of the achievements as 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) for the deployment of its Self-Assessment Tool (SAT) for excellence in service delivery; and attainment of three International Organisation for Standardisation (ISO) Certifications of the MSECB, 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.
He also identified the 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; and the recent two awards of the Nigeria Technology Awards (NITA) of Excellence in Adopting Emerging Technologies and Best Use of Social Media in the Federal Regulatory Agency Category amongst the feats recorded by the corporation in recent times.
Hassan expressed optimism that the discussions during the forum will significantly strengthen the nation’s determination for a more robust implementation of the Deposit Insurance System in Nigeria.
Photo Caption
R-L: Director Communications and Public Affairs Department (NDIC) Mr Bashir Nuhu; Executive Director Operations, (NDIC) Mr Mustapha Ibrahim; President Nigeria Guild of Editors and Editor, Vanguard Newspaper, Mr Eze Anaba; Managing Director/CEO (NDIC), Mr Bello Hassan; Managing Director/CEO, (NAN) Mr Ali Ali; and Executive Director Corporate Services (NDIC), Mrs Emily Osuji; in a group photograph at the 2023 NDIC Editors Forum held on Saturday in Lagos.
