Breaking News
Translate

Bank failures: NDIC vows to enforce corporate governance

By Babajide Komolafe

Nigeria Deposit Insurance Corporation (NDIC) has reiterated its zero tolerance stance against all forms of malpractices, vowing to enforce good corporate governance and transparency to minimise risk of bank failures.

 

The Managing Director/Chief Executive of the Corporation, Umaru Ibrahim,  stated this  during the inauguration of the re-constituted Anti-Corruption and Transparency Unit (ACTU) of the Corporation by the Acting Chairman of the Independent Corrupt Practices and other related Offences Commission (ICPC) who was represented by the Head of Anti-Corruption and Transparency Unit, Mr. Justin Kuatsea.

Ibrahim stated that based on its mandate and supervisory activities, the NDIC is at the forefront of the fight against corruption through the enforcement of good corporate governance, transparency and accountability to minimise the risk of bank failure in order to protect depositors and ensure safety and soundness of the financial system.

He described the inauguration of the NDIC Anti-Corruption and Transparency Unit (ACTU) as good development as it will further strengthen the Corporation’s resolve and its partnership with other government agencies involved in the anti-corruption fight towards promoting credible and effective service delivery in the public sector.

To that end, Ibrahim further noted that the NDIC has been organising annual capacity building seminars for strategic stakeholders such as the ICPC, Economic and Financial Crimes Commission (EFCC), Special Fraud Unit and Nigeria Financial Intelligence Unit of the Nigeria Police Force in the area of financial crime investigation. He also expressed the readiness of NDIC to sustain its participation in the capacity building programmes organised by the ICPC Training Academy.

Responding,the Acting Chairman of ICPC Alh. Abdullahi Bako, said ACTU was created by the ICPC in 2001 in all government agencies to curb corrupt practices and to establish transparent processes and procedures in the public sector.


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.