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NDIC repositions for effective bank distress resolution

By BusinessNews Staff on November 2, 2013

The Nigeria Deposit Insurance Corporation has repositioned its operation to enable it develop competence to check bank distress before they worsen.

To achieve this, the corporation on Thursday unveiled its new brand identity, which is premised on three objectives.

The Minister of State for Finance, Dr. Yerima Ngama, in a keynote address at the event, said the rebranding project would help to change the ways businesses were being conducted in the corporation.

The three objectives of the repositioning, according to him, are the business to citizen objectives; business to business objectives; and business to government objectives.

The minister said while the business to citizens objectives would help engender public trust and confidence in the NDIC’s work and promote financial literacy among depositors, the business to business objectives would help improve its supervision of the banking sector.

Ngama said, “As a policy response to the recent financial crisis, the design of deposit insurance has been redrawn in many jurisdictions. It is in this regard that the board and management of the NDIC decided to evolve a new corporate identity as part of the ongoing corporate re-engineering of the corporation.

“Rebranding is, therefore, a key step towards repositioning deposit insurance schemes to achieve their statutory mandates, and this branding is a strategic step that the corporation has deliberately taken as part of its business process.”

Ngama said the near collapse of the nation’s banking system and the role played by both the Central Bank of Nigeria and the NDIC through the special audit and injection of N620bn into 10 distressed banks underscored the importance of the corporation to the nation’s financial stability.

Also speaking at the event, the Managing Director, NDIC, Alhaji Umaru Ibrahim, said the rebranding exercise would help enhance service delivery.

“This determination to enhance our service delivery began with a most interesting journey that saw us strengthening the internal processes, building staff capacities, improving work ethics, and building an effective information communication infrastructure.

“The rebranding process in particular began with a brand audit where we conducted a perception study of the corporation’s stakeholder environment, and undertook an extensive comparative assessment of all the logos throughout our sector across the globe.”

[Punch]

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