Financial System Stability: ICAN Applauds NDIC On Integrity, Transparency, Professionalism
BY COBHAM NSA – The Institute of Chartered Accountants of Nigeria (ICAN) has praised the Nigeria Deposit Insurance Corporation (NDIC) for its strong compliance with the highest standards of integrity and transparency within the nation’s financial system.
This commendation came from the ICAN President, Chief Davidson CS Alaribe, who noted that these are critical elements in the Commission’s success in safeguarding depositors’ funds and ensuring the financial system’s stability.
Speaking during a courtesy visit of the ICAN Governing Council to the NDIC Management in Abuja, Chief Alaribe said the NDIC has established itself as a formidable organisation due to its commitment to compliance with standards of corporate governance, zero-tolerance for corruption and effective internal controls.
A statement by Hawwau Gambo, Acting Head of Communication and Public Affairs, NDIC, quoted the ICAN boss as also noting that the Corporation’s robust operations received applause from the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which rated it top position in the 2023 Ethics and Integrity Compliance Scorecard (EICS).
Chief Alaribe, while underscoring the relationship between his Institute and NDIC, disclosed that the Institute has established the ICAN Accountability Index to promote integrity in key sectors of the economy, focusing on budget, credibility, asset, and debt management.
Addressing his visitors, the Managing Director and Chief Executive Officer of NDIC, Mr. Bello Hassan congratulated Chief Alaribe on his emergence as the 60th President of ICAN.
Hassan, a Fellow of the Institute, described ICAN as a strategic stakeholder of the Corporation, even as he reiterated the need for the Institute’s members to uphold the highest values of integrity and professionalism in discharging their duties as auditors.
He said the NDIC and the Central Bank of Nigeria (CBN), as regulators in the financial system, will continue to rely on their work as external auditors in their risk-based supervision of banks in the country.
On his call for stronger collaboration with ICAN, the NDIC Chief executive canvassed the introduction of the Deposit Insurance module in the ICAN examinations’ curriculum
Hassan explained that the initiative is essential to enhance understanding of the Deposit Insurance Scheme among ICAN members, who represent a significant portion of potential bankers and bank examiners.
Importantly, he said the NDIC Management remains committed to strengthening the partnership with ICAN to enhance the stability and safety of the banking sector and the nation’s financial system in general.
