BY COBHAM NSA, ABUJA – The Managing Director and Chief Executive of Nigeria Deposit Insurance Corporation (NDIC), Umaru Ibrahim says Nigeria’s banking industry requires sound ethics and professionalism to position itself for effective service delivery.
Ibrahim said it is important to weave a strong partnership between regulators and operators in the system in order to make the industry competitive as a global brand.
He noted that abuse of extant regulations and ethical standards had in recent past impacted negatively on public confidence in the banking industry and the nation’s financial system in general.
Speaking when Executive members of the Chartered Institute of Bankers (CIBN) led by its President and Chairman of Council, Dr Uche Olowu, visited the Corporation, Mr Ibrahim cited recent involvement of some deposit money banks in illicit forex transfers as a wake-up call for healthier corporate governance and ethical behaviour by the Deposit Money Banks (DMBs).
He however restated NDIC’s resolve to strengthen partnership with the CIBN towards enforcing good corporate governance among banks as well as promoting high ethical standards and professionalism in the sector.
The NDIC boss said the primary duty of regulators is ensuring strict compliance with international best practices and ethical standards in order to advance efficient risk management and sound corporate governance in the banking industry.
According to him, such obligation is in line with NDIC’s commitment towards protecting depositors and enhancing public confidence in the nation’s financial system.
In his remarks, the CIBN President and Chairman of Council, Dr. Uche Olowu lauded the NDIC Academy’s recognition by the International Association of Deposit Insurers (IADI) as a world class institution in providing capacity building for the banking industry.
He said the recognition and CIBN’s active collaboration with NDIC to entrench ethical standards remains key in engendering effective service delivery in the industry.
He therefore emphasized the need to extend the collaborative efforts to joint research and knowledge-based events to enhance public awareness about the role of deposit insurance in financial system stability.
A statement by Mohammed Kudu Ibrahim, Head, Communication and Public Affairs, NDIC said Dr Olowu acknowledged the Corporation’s active participation in the activities of CIBN as well as its role in the nation’s economic development.
The statement said the Council also used the visit to formally invite the NDIC Chief Executive as special guest and resource person at the forthcoming CIBN 11th Annual Banking and Finance Conference.