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Published On: Tue, Sep 23rd, 2014

NGO lauds NDIC’s role in financial system stability

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NDICBy Etuka Sunday

A pan African non-governmental organisation, African Peace and Development Initiative (APDI) has commended the Nigeria Deposit Insurance Corporation (NDIC) for its commitment to the safety and stability of the Nigeria’s financial system and for standing out as one of the leading deposit insurers in the continent.

This was contained in a statement issued by the Head, Communication & Public Affairs, NDIC, H. S. Birchi.

The statement quoted the President of APDI, Hon. Mike Femi to have given the commendation while presenting the Africa’s Meritorious Service Award of the organisation to the Managing Director/Chief Executive (MD/CE) of NDIC, Alh. Umaru Ibrahim in Abuja.

According to the APDI President, the commitment of NDIC at keeping fate with its depositor protection mandate over the years and the various initiatives which it continued to bring to bear on the discharge of its mandate, particularly the recent Bridge Bank

phenomenon had gone a long way in boosting confidence in the nation’s financial system. He stated that as a supervisor, it was heart-warming that NDIC had demonstrated overt transparency and professionalism in the conduct of its operation thereby serving as role model to other public institutions in Nigeria and the continent.

On the award by the organisation, Hon. Femi stated that the APDI whose membership covered ten African countries instituted the award platform to recognise individuals with immense contributions to the economic growth and development of African countries with a view to encouraging them to aim for greater heights. The APDI President said the significance of the award underscored the few number of recipients which for 2014 was conferred on President John Dramani Mahama of Ghana and Alh. Alh. Umaru Ibrahim.

In his acceptance speech, the NDIC MD, who was represented by the Director, Internal Audit, Alh. Ibrahim Tafida reiterated that the NDIC would continue to accord transparency, professionalism and diligence pride of place in the discharge of its mandate of deposit guarantee, banking supervision and failure resolution. He noted the Bridge Bank model adopted in resolving the problems of the erstwhile Afribank Plc. BankPHB Plc. and Spring Bank Plc. and the formation of Mainstreet Bank Ltd. Keystone Bank Ltd. and Enterprise Bank Ltd. were to protect millions of deposits in the Banks and prevent the systemic repercussions of the banks’ failure on the entire financial system and save thousands.

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