Nigeria Deposit Insurance Corporation

By Babajide Komolafe, Economy Editor

Nigeria Deposit Insurance Corporation and the House of Representatives Committee on Insurance and Actuarial Matters have pledged to increase collaboration to strengthen the financial system stability. 

This is coming on the heels of the 2022 retreat organised by the corporation for the Committee with the theme,  “Deposit Insurance in Nigeria: Restrategizing for Tomorrow”. 

Speaking at the retreat in Lagos, Managing Director/Chief Executive, NDIC, Mallan Bello Hassan, noted that the theme of the retreat is in line with ongoing efforts by the corporation to restrategise and enhance its  operations so as to effectively deliver on its deposit protection mandate by ensuring stability of the financial system. 

While commending the cooperation and support of the Committee, Hassen added that, “the retreat offers an excellent opportunity to share ideas on how to strategize the Corporation to effectively deliver on its Public Policy Objectives as well as its mandates”.

He said: “Regulators in financial systems across the globe are also brainstorming on fresh ideas to ensure that the financial system remains resilient, sound and stable so as to continue to play its supportive role in the economy. 

“The NDIC is therefore not left out in restrategising to enhance its operations. We have enhanced collaboration with relevant stakeholders like the National Assembly, Federal Ministry of Finance, Budget & National Planning, the Judiciary and the Central Bank of Nigeria,CBN on almost all relevant activities. 

“We are also active on the global scene, and have therefore embarked on robust collaboration and cooperation with other deposit insurance agencies and global bodies, particularly in the area of knowledge and information sharing. 

On his part, Chairman, House of Representatives Committee on Insurance and Actuarial Matters, Darlington Nwokocha, said that the Committee .

Stressed the need for proactive measures against reactive measures to avert crisis in the banking sector, Chairman, Committee, Darlington Nwokocha, said, “If we boost the confidence of customers, having the necessary approach in banking, and making sure we turndown every reactive tendency and turn up every proactive approach in addressing the hazardous issues in the banking sector and I think we would have a long way to go.”

 He added that the main essence of the retreat is to strategize with the NDIC  on anything that has to do with banking and insurance in protecting depositors funds moving all through the insurance instrumentality to ensure that a whole lot of confidence is given a  boost.


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