By Etuka Sunday
The Nigeria Deposit Insurance Corporation (NDIC) has won the 2014 International Association of Deposit Insurers (IADI) award as the Best Deposit Insurance Organisation of the Year under Category 2 of the IADI Core Principles on Compliance and International Collaboration. This was disclosed in a statement issued by the Head, Communication & Public Affairs, NDIC, H. S. Birchi. The statement said, Established in May 2002 with the vision of “sharing deposit insurance expertise”, IADI is a standard setting organisation which amongst others, issues guidance on international best practices in deposit insurance and fosters collaboration among deposit insurance institutions in the world.
The association (IADI) has over the years been promoting international collaboration among deposit insurance organisations and recognizes commitment to excellence through the presentation of annual wards to deserving member institutions in specific categories.
The NDIC, being one of the founding members of IADI, identifies strongly with the ideals of the association and is therefore deeply honoured by the award out of 77 member institutions across the globe.
The Corporation is also the first to win the award in Africa since the association initiated such awards five years ago. In his acceptance of the award, the NDIC Managing Director/Chief Executive, Alhaji Umaru Ibrahim said that the Corporation considered the award as a wake-up call and a spring board towards improving its deposit insurance services.
Alhaji Ibrahim also said that the NDIC regarded the competition and process leading to the award as an avenue to evaluate the performance of deposit insurance institutions against indices of global best practices.
He assured IADI, other deposit insurance institutions and the banking public in Nigeria that the NDIC would continue to work assiduously towards protecting depositors and contributing to financial system stability in Nigeria as well as promoting the growth of deposit insurance in Africa and the world.