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Group commends NDIC’s role in financial stability

By BusinessNews Staff on September 25, 2014

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 country’s financial system. The NDIC was also lauded for standing out as one of the leading deposit insurers in the continent.
Speaking in Abuja, while presenting the Africa’s Meritorious Service Award of the organisation to the Managing Director/Chief Executive (MD/CE) of NDIC, Alhaji Umaru Ibrahim, President of APDI, Mr. Mike Femi applauded the commitment of NDIC at keeping fate with its depositor protection mandate over the years and the various other initiatives, which it continued to bring to bear on the discharge of its mandate.

Specifically, he noted the intervention of the NDIC during the banking crisis went a long way in boosting confidence in the nation’s financial system.

He stated that as a supervisor, it was heart-warming that NDIC 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, 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 number of recipients, which for 2014, was conferred on President John Dramani Mahama of Ghana and Ibrahim.

In his acceptance speech, the NDIC boss, represented by the Director, Internal Audit, Alhaji 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 now defunct Afribank, BankPHB and Spring Bank, which led to the creation of Mainstreet Bank Limited, Keystone Bank Limited and Enterprise Bank Limited was 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.

[This Day]

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