NDIC Builds Depositors’ Confidence in Nigeria Banking System – Ken Opara tells Senators



The President/Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN), Ken Opara, PH.D, FCIB has called on Nigeria leaders to acknowledge the notable contributions of Nigeria Deposit Insurance Corporation (NDIC) as a deposit insurer over the years, by promoting depositors’ confidence in the Nigerian banking industry.
The CIBN boss recently gave this Charge while delivering a Goodwill Message at a retreat, which was a joint initiative of the Senate Committee and the Corporation.
He noted that, in furtherance to boost the confident of bank customers, the Board of NDIC is now empowered to vary upward the maximum amount which a depositor can receive from the Corporation in the event of a failed insured institution, in line with prevailing economic realities.
According to him, the Introduction of public policy objectives is in line with International Association of Deposit Insurers (IADI) core principles.
Furthermore, Opara noted that the Nigeria Deposit Insurance Corporation (NDIC) has continue to uphold unwavering commitment to the highest ethical standards and compliance with anti-corruption laws and regulations, as it proudly secures the top position in the Independent Corrupt Practices and Other Related Offences Commission (ICPC) 2023 Ethics and Integrity Compliance Scorecard (EICS).
He said this astonishing achievement marks the second time that NDIC has achieved the prestigious first place, previously having been ranked first in the 2021 EICS.
In his word:’ The NDIC was also a recipient of the “Platinum Level Award for Outstanding Performance in Corporate Governance and Service Delivery” by the Bureau of Public Service Reform on September 7, 2022.
Such remarkable accomplishments, he said, underscored NDIC’s steadfast dedication to upholding integrity, transparency, and accountability in all facets of its operations.
As part of efforts to bridge the knowledge gap, build capacity and create more awareness about deposit insurance scheme, it worthy to note that NDIC and CIBN have forged a collaboration to jointly develop and run a Deposit Insurance Scheme Certification Programme.
The CIBN boss used opportunity to announced the certification programme, which is targeted at industry practitioners, the Academia (lecturers and students) as well as the general public.
It would be noted that this will be debuting in October this year, imploring all practitioners and all stakeholders to embrace this program in view of the inherent benefits.
Opara however, congratulated the Senate Committee on Banking, Insurance and Other Financial Institutions ably led by Distinguished Senator Adetokunbo Abiru, FCA, FCIB, for putting together this retreat, to deepen the understanding of the principles and practice of deposit insurance so as to facilitate the effective discharge of legislative oversight over the deposit insurance function in Nigeria.
He stated that the proactive steps taken by this Committee to comprehensively review the extant laws within the financial services sector, aimed at fostering economic sustainability and growth, are indeed commendable.
He finally advocated for NDIC to continue to engage robust mechanisms to monitor the financial health and stability of insured financial institutions. Regular examinations, stress testing, risk assessments and preventive steps that can help identify potential vulnerabilities and prevent banks from going down.
Reassuring the distinguished Senators and the management of NDIC of the resolve of the Institute to continue to work closely with all stakeholders in the industry not only to ensure the continued success of the deposit insurance scheme in Nigeria but also to continue to guarantee the safety and stability of the Nigerian banking sector.