By Babajide Komolafe

The Nigeria Deposit Insurance Corporation (NDIC) has been commended for its outstanding contributions toward the safety, soundness and stability of the Nigeria’s financial system.

This commendation was given by the Institute of Chartered Accountants of Nigeria (ICAN), Abuja District Society when it bestowed the district’s 2013 Merit Award on the Corporation’s Managing Director/ Chief Executive Officer, Alh. Umaru Ibrahim at a Gala Night held last weekend at the Transcorp Hilton Hotel, Abuja.

In his address at the occasion, the Chairman of the Abuja District of ICAN, Shehu Usman Aladire said the ICAN Merit Award was conferred on the NDIC CEO because of his managerial ability which had inspired depositors’ confidence in the nation’s banking system.

The ICAN chairman cited the increase of deposit insurance coverage levels from N50,000 to N200, 000 per depositor of deposit money banks (DMBs) and the extension of insurance coverage to depositors of microfinance banks (MFBs) and primary mortgage banks (PMBs) at N100,000 per depositor of the MFBs and PMBs and the second upward review to N500,000 and N200,000 per depositor of DMBs and MFBs/PMBs. This, he said, met the current economic realities and promoted public confidence in the financial system.

Another landmark achievement of the Corporation under the able leadership of the MD/CEO, according to the ICAN, was the establishment of the bridge bank as a failure resolution option in the interest of depositors and other stakeholders.

While stressing that the NDIC’s initiative was internationally applauded, ICAN also noted with delight that the bridge bank approach adopted in 2010 prevented systemic crisis and outright liquidation of the affected banks that would have had dire consequences for depositors and other stakeholders in the nation’s banking system.

The ICAN National Vice-President, Alh. Kabir Alkali Mohammed who presented the award to the NDIC CEO described the recipient as an embodiment of hard work, integrity and humility.