Tuesday, September 21, 2021

NDIC reiterates commitment to protect depositors, promote stable banking system

Must read

Rayyan Alhassanhttps://dailynigerian.com/author/rayyan/
Rayyan Alhassan is a graduate of Journalism and Mass Communication at Sikkim Manipal University, Ghana. He is the acting Managing Editor at the Daily Nigerian newspaper, a position he has held for the past 3 years. He can be reached via [email protected], or www.facebook.com/RayyanAlhassan, or @Rayyan88 on Twitter.
- Advertisement -

The Nigeria Deposit Insurance Corporation, NDIC, has reiterated its commitment to ensure the protection of depositors in the country.

Umaru Ibrahim, NDIC’s Managing Director/Chief Executive Officer, said this in the Corporation’s 2017 Annual Report, a copy of which was made available to the News Agency of Nigeria in Abuja.

Mr Ibrahim said: “The NDIC would remain focused and committed to the protection of depositors and promotion of safe, sound and stable banking system in Nigeria.

“It will also continue to strive for excellence in the discharge of its mandate.’’

READ ALSO:   NDIC recovers over N29bn from liquidated commercial banks, N129m from Microfinance banks – MD

However, the NDIC boss said that depositors in the country would be effectively served with the speedy passage of the corporation’s amendment Act 2006 that was currently before the National Assembly.

READ ALSO:   FEC approves N5.72bn for construction of NDIC zonal office in Bauchi

According to Mr Ibrahim, the delay in the passage of the Act posed a great challenge for the corporation as it impairs NDIC’s ability to effectively perform some of its mandate.

He said the proposed amendments were in harmony with international best practices and provisions of the revised International Association of Deposit Insurers, IADI, Core principles for Effective Deposit Insurance System, DISs.

READ ALSO:   Maikanti Baru, others receive Press Freedom Awards

He said the wrongful execution of judgment against NDIC’s assets for liabilities of banks in-liquidation and the slow recovery of debts owed to failed insured institutions were also among the major challenges of the corporation.

He said the implementation of the Fiscal Responsibility Act 2007 that required NDIC to remit 80 per cent of its operating surplus to the Consolidated Revenue Fund Account was one of the challenges.

READ ALSO:   Maikanti Baru, others receive Press Freedom Awards

Besides, he said a major challenge faced by the corporation was the low level of awareness of the public on the mandate and functions of NDIC.


- Advertisement -

More articles


Please enter your comment!
Please enter your name here
READ ALSO:   NDIC directs all micro finance banks to key into NAMBUIT platform

- Advertisement -

Latest article

- Advertisement -