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Published On: Mon, Jan 22nd, 2018

NDIC commended for roles in safety, soundness of banking system in Nigeria

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By Musa Adamu

The Nigeria Deposit Insurance Corporation (NDIC) has earned commendation for its roles in evolving a safe and sound banking system in the country.
This commendation was handed down the management of Sterling Bank Plc when it visited the corporation.
The management of the Bank was at the Corporation to introduce its new Managing Director/Chief Executive Officer (MD/CEO), Abubakar Suleiman.
Led by its outgoing MD/CEO, Yemi Adeola, the Bank management praised the Corporation its immense contribution to the safety and soundness of the Nigerian banking system since its inception.
It further noted that in the entire financial system, the NDIC was renowned for the excellence of its Bank Examiners and the laudable reputation they acquired through the quality of their reports.
The Sterling Bank team was received by the Managing Director/Chief Executive Officer (MD/CEO) of the NDIC Alh. Umaru Ibrahim along with the two Executive Directors of the Corporation, Prince Aghatise Erediawa and Mrs. Lola Abiola-Edewor.
The Bank also informed that the procedure for the selection of the new CEO of the bank was rigorous and ably handled by the reputable consulting firm KPMG.
While expressing the hope that the courtesy call would further strengthen the excellent relationship between the Bank and the Corporation, the Management of the Bank also brief the Corporation on the future outlook of the Bank which includes the planned expansion of its Non-Interest Banking (NIB) window.
It further informed of its plan by to apply for a license for a stand-alone NIB as soon as possible, adding that the decision was informed by the feasibility studies conducted by the Bank, judging from the potential market and financial resources of customers expected to embrace NIB.
The meeting also provided a platform for the discussion of the prospects and opportunities in the Nigerian Banking system along with challenges.
In his response, the NDIC boss thanked the management of Sterling Bank for the visit and promised to sustain the cordial relationship.
He expressed the hope for the appointment of capable hands into the banking system to improve the performance of the sector.
He also assured the incoming MD/CEO of Sterling Bank Plc. of his support to ensure the growth of the bank.

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