ICAN Lauds NDIC On Roles In Nigeria’s Financial System Stability

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The President of the Institute of Chartered Accountants of Nigeria (ICAN), Dr. Davidson Chijioke Alaribe, has commended the Nigeria Deposit Insurance Corporation (NDIC) for its continuous compliance to the highest standards of integrity and transparency considered critical to the success of its operations in safeguarding depositors’ funds and ensuring the stability of the financial system.

The ICAN President’s made this remark when he led the Governing Council members of the professional body on a courtesy visit to the NDIC management in Abuja.

Alaribe said the NDIC had been recognised as a formidable public sector corporation due to its commitment to compliance with standards of corporate governance, zero-tolerance for corruption and effective internal controls.

According to him, the corporation’s commitment has been recognized by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which awarded NDIC the top position in its 2023 Ethics and Integrity Compliance Scorecard (EICS).

While underscoring the relationship between his Institute and NDIC, Alaribe disclosed that ICAN had also established the ICAN Accountability Index to promote integrity in key sectors of the economy, focusing on budget, credibility, asset and debt management.

In his remarks, the Managing Director and Chief Executive Officer of NDIC, Mr. Bello Hassan, congratulated Chief Alaribe on his appointment as the 60th President of ICAN.

Hassan, who is also a Fellow of the Institute, described ICAN as a strategic stakeholder of the NDIC and reiterated the need for the Institute to ensure its members uphold the highest values of integrity and professionalism in the discharge of their duties as auditors, as NDIC and the Central Bank of Nigeria (CBN) continue to rely on their work as external auditors in their risk-based supervision of banks.

Reflecting on his earlier call for stronger collaboration with ICAN, the NDIC boss stressed the need for the introduction of Deposit Insurance Module in the curriculum of ICAN examinations, stressing that such initiative is essential to enhance understanding of the Deposit Insurance Scheme among ICAN members, who represent a significant portion of potential bankers and bank examiners.

Hassan restated the NDIC management’s commitment towards strengthening the partnership between ICAN and the Corporation in contributing to the stability of the banking sector and the nation’s financial system.

Photo Caption

L-R: NDIC Deputy Director Finance, Celestine Okafor, NDIC Director Audit, Adedayo Olukoya, ICAN Governing Council Member, AVM Abubakar Idris Adamu, MD/CEO of NDIC, Mr. Bello Hassan; 60th President of the Institute of Chartered Accountants of Nigeria (ICAN),  Dr. Davidson Chizuoke Alaribe;  NDIC Director of Finance, Patience Olutomiwa; and ICAN Registrar/Chief Executive, Lanre Olasunkanmi in a group photograph when the ICAN Governing Council team paid a courtesy visit to the NDIC management in Abuja…recently.

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