By Etuka Sunday
The Nigeria Deposit Insurance Corporation (NDIC) said it has concluded plans to review its five-year strategic plan with a view to not only remain relevant in its operating environment but also to effectively discharge its mandate.
NDIC’s Managing Director/Chief Executive Officer, Alh. Umaru Ibrahim stated this at the opening remarks at the NDIC two-day Strategy Review Retreat with the theme: “Repositioning NDIC for Operational Excellence” held at Reiz Continental Hotel, Abuja last weekend.
A statement by the Head, Communication & Public Affairs, NDIC, H. S. BIRCHI, quoted the Alh. Ibrahim as saying that the 2011-2015 strategic plan marked a departure from the traditional approach the Corporation adapted in its first strategy in 2007 with the introduction of balanced score card, performance management system, performance-based budgeting and development of early warning system.
The NDIC boss stated that the dynamics of the financial sector had continued to throw up emerging and mundane issues which demanded a new focus and made a review very imperative. He maintained that emerging issues like sustainable banking, mobile and e-banking, consumer protection and consumer education not only attracted the attention of regulators worldwide but also required appropriate strategic responses if the Corporation was to remain relevant in its operating environment.
According to Alh. Ibrahim, the quest to have an organisation that is driven by excellence and performance and in which employees aligned themselves with its vision, mission and strategy put in place to actualize its mandate had informed the Corporation’s choice of four pillars in its current Strategic Plan. He enumerated the pillars as operational readiness, public awareness of the deposit insurance scheme, partnering and collaboration with strategic stakeholders and performance driven culture.
Alh. Umaru expressed satisfaction with the achievements recorded by the Corporation under the 2011 – 2015 strategic plan. He said that the Corporation had effectively commenced implementation of the risk- based supervision and differential premium assessment of deposit money banks, adding that the Corporation had a robust ICT infrastructure which had placed it on a comfortable position for prompt depositor reimbursement.
He said that the Corporation decided to partner with Messrs Phillip Consulting to review its 2011-2015 strategic plans in order to establish how well the agreed corporate goals had been achieved and to assist in developing a system that would continuously monitor performance and achievement of the revised targets.