The Managing Director of the Nigeria Deposit Insurance Corporation, Alhaji Umaru Ibrahim, has charged the leadership of the Institute of Directors, Nigeria to help in tackling poor corporate governance in the nation’s economy, particularly in the banking sector.
Ibrahim gave the charge yesterday during a meeting in Abuja with members of the Governing Council of the IoD, led by its President, Alhaji Rufai Mohammed.
Noting that poor corporate governance one of the problems posing a significant risk to the safety and stability of the country’s banking sector, the deposit insurance expert recalled that non-adherence to corporate governance principles was largely responsible for the banking sector crisis of 2009.
Ibrahim stressed the need for the IoD to step up efforts towards developing a more transparent and rigorous selection system for independent directors in banks and also strengthening capacity of the financial institutions’ top executives through continuous training focused on international best practices.
According to him, while a sound corporate governance practice would promote excellence in management and service delivery, environmental sustainability and inclusive growth in the economy, it also has the potential of creating strong foundation for businesses to thrive.
The NDIC boss assured the IoD of the corporation’s willingness to partner the institute. For instance, he expressed the desire of NDIC’s management to collaborate with the institute in the area of building capacity of the corporation’s management staff.
In addition, he also advised the institute to also explore ways of collaborating with other relevant agencies and institutions, including the Central Bank of Nigeria, Society for Corporate Governance, Financial Institutions Training Centre, and the Chartered Institute of Bankers, amongst others in order to build the capacity of independent directors in the banks.
In his remarks, the President/Chairman of Council of the Institute said that the visit was part of the Council’s initiatives to collaborate and synergy with key institutions through effective interaction and advocacy.
Mohammed also commended the corporation for its continued contributions to the nation’s financial system stability over the years
